While this year is a good time to buy thanks to historically low interest rates, the same appeal that’s making it a good time to buy is also making it a good time to refinance.

Looking at the latest mortgage report from Freddie Mac, the 30-year fixed-rate mortgage averaged 3.60% for the week ending June 9, 2016, down from the previous week’s average of 3.66%.

This is well below this time a year ago when the 30-year FRM averaged 4.04%.

Despite the low rates, there isn’t huge demand for refinance applications. The most recent Mortgage Bankers Association’s Weekly Mortgage Applications Survey posted that refinance applications only made up 53.8% of total applications.

For those still debating whether or not they should refinance, Ray Rodriguez, regional mortgage sales manager at TD Bank, complied this list of three reasons to refinance.

1. Refinance to lower your term:

If you've been making payments on a 30-year loan, it might be worth shortening the term to a 15-year loan. In most cases, 15-year interest rates are more favorable, as you are committing to pay the loan off sooner lender. A 15-year loan is typically the best way to pay off your loan quickly and you may less in interest over the life of the loan.

2. Refinance to lower your rate:

If you haven’t refinanced in a while, discussing the state of current rates with your lender will only take a few minutes of your time, and may save you thousands over the course of your loan. It can’t hurt to touch base on where your rate falls against those your lender is currently offering.

3. Refinance from an ARM to a fixed rate:

In today’s historically low interest rate environment, locking into a fixed rate from an adjustable rate can provide homeowners with financial security before potential rate hikes.