WASHINGTON (AP) — U.S. long-term mortgage rates were flat to slightly higher this week, hovering around three-year lows as financial markets anticipated the Federal Reserve's cut in its benchmark interest rate for the first time in a decade.

The Fed announced the landmark rate cut Wednesday after a two-day meeting of its policymakers. Mortgage buyer Freddie Mac said Thursday the average rate on the key 30-year mortgage was unchanged from last week at 3.75%. That's a historically low level for the 30-year rate, which a year ago stood at 4.60%.

The average rate for 15-year, fixed-rate home loans ticked up to 3.20% from 3.18% last week.

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