Could be a number of things.
Always first verify the physical connection between your modem and router is good. Replace the network cable if you must.
If it's one of those 2-in-1 comcast abominations, make sure the shared, unsecured guest wireless they have enabled by default is disabled. Personally I would suggest you buy your own router with a separate modem if this is the case.
This is a long shot - depending on the channel width settings of your wireless router and the wireless standards you're using, as well as that of your neighbors (if you have a lot nearby), there could be some channel overlap. You could always set your router to a CW of 20mhz if it's at 40 or 80, and let your router automatically choose a less noisy channel.
Could be bad antennas / fried circuitry.
Another long-shot: Could be that you suddenly have too much going on with your network. [Spoiler]Consumer routers don't have the high powered CPUs, ASICS, backplanes, or fabric of Datacenter managed l3 switches / routers and such[/spoiler]
Make sure your network is secure and that no one is using it who shouldn't be.
Could be that your wireless router is crapping out.
Did you make any recent configuration changes? NAT settings? Stuff like that?
Did you recently upgrade the firmware of your router? Unlike the OP, I do not condone always upgrading firmware to the latest release. I don't do it with my Datacenter equipment and I don't do it with my home equipment. Always research to find the most recent, stable release of firmware. Unless the new firmware gives you something you need, or brings you up to date enough to continue receiving support, don't do it. I've seen more people get burned by jumping on the upgrade bandwagon too soon than I care to remember. Shiny and new is not always better.
You could also try plugging your console into the router instead of using WiFi, or you could even test by plugging directly into your modem (if separate).
Once you can eliminate possible causes from the list, it makes troubleshooting easier.
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you seem like you know what you're talking about, not like all these fake IT guys
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I know enough to get by :)