After Bobby rubs the balloons with animal fur, they become charged due to the transfer of electrons. When he rubs each balloon, they both gain the same type of charge, which leads to repulsion when they are released.
When Bobby touches the balloons with a metal rod, it allows charges to redistribute. Since the metal rod is a conductor, it can equalize charges. If both balloons have the same charge and the rod is touched to both, the charges will stay the same after being held apart.
When Bobby rubs them again with the animal fur, he will likely be increasing the charge on both balloons, making them both have an even greater degree of the same type of charge (either both positive or both negative).
Given this understanding, the most accurate expectation after performing the second rubbing is:
The balloons will hang at a greater elevation, because they will have greater charges so the force of electrical repulsion between them will be greater.