Rising interest rates lead to a higher rate on a home loan, affecting readiness and the ability to buy a certain home. However, home loan interest rate spreads are at a three-year low, and if refinanced now, a low spread could be locked in for the rest of the loan. A spread is what is paid over and above the benchmark rate, and if locked in now, once interest rates fall, payments could become easier. Repayment strategies and prepayment methods are recommended to ensure loans are paid off in intended time frames.