Mortgage rates bounce back

Fed sheds little light on whether more stimulus is coming

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Mortgage rates bounced off record lows this week as the Federal Reserve offered few clues as to whether it will unleash another round of asset purchases to stimulate the economy. Looking back a week, homeowners were rushing to refinance at levels not seen since 2009.

Rates on 30-year fixed-rate mortgages (FRMs) averaged 3.55 percent with an average 0.7 point for the week ending Aug. 2, up from 3.49 percent last week but down from 4.39 percent a year ago, Freddie Mac said in reporting the results of its weekly Primary Mortgage Market Survey. Last week’s rate for 30-year fixed-rate loans was an all-time low in Freddie Mac records dating to 1971.