Mortgage rates bounce off record lows

Upbeat unemployment report sends most rates up

Rates on 30-year fixed-rate mortgages bounced back from last week’s record lows, averaging 4.81 percent with an average of 0.7 point, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

Last week, the 30-year fixed-rate hit a record low of 4.71 percent in records dating back to 1971. The rate remains well below the 5.47 percent reported a year ago, thanks in large part to ongoing Federal Reserve purchases of $1.25 trillion in mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae.