Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 16th. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.60%, down from last week when it averaged 6.73%. A year ago at this time, the 30-year rate averaged 4.16%.
Wood Markets News
Building Materials Prices Post a 0.3% Increase in February; Rise 2.9% Year-Over-Year
A closer look at January’s US Bureau of Labor Statistics Producer Price Index (PPI) reveals that for the second consecutive month the PPI for inputs to residential construction less energy increased, rising 0.3%, not seasonally adjusted, in February. This follows a revised 1.1% increase in January.
Mortgage Applications for New Home Purchases Up 4.0% Month-Over-Month in February
The Mortgage Bankers Association is reporting that data from its February Builder Application Survey reveals mortgage applications for new home purchases increased 4.0% from January and were 1.2% higher year-over-year.
US Weekly Jobless Claims Decrease in the Week Ending March 11th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 192,000 during the week ending on Saturday, March 11th. This is a decrease of 20,000 from the previous week’s revised level of 212,000.
US Surface Transportation Board Approves Canadian Pacific Railways’ Acquisition of Kansas City Southern Railroad
The Canadian Pacific Railway and the Kansas City Southern Railroad) jointly announced on Wednesday that the US Surface Transportation Board has issued a decision approving the CP and KCS joint merger application, subject to certain conditions, thereby authorizing the two railways to combine.
Canadian Housing Starts Increase Month-Over-Month in February
The Canada Mortgage and Housing Corporation announced Wednesday that the standalone monthly seasonally adjusted rate (SAAR) of total housing starts for all areas in Canada increased 13% to 243,959 units in February when compared to 216,514 units in January.
Canadian Home Sales Trend Higher in February, Despite Decline in Available Inventory
The Canadian Real Estate Association (CREA) reported Wednesday that home sales recorded over the Canadian MLS® Systems were up 2.3% month-over-month in February. Gains were led by the Greater Toronto and Greater Vancouver areas.
US Builder Sentiment Up for Third Consecutive Month in March
On Wednesday, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes increased 2 points in March to a reading of 44. This marks the third consecutive month of gains.
Producer Price Index for Final Demand Decreases 0.1% in February; Up 4.6% Year-Over-Year
The Bureau of Labor Statistics reported Wednesday that the Producer Price Index (PPI) for final demand, seasonally adjusted, decreased 0.1% in February. On an unadjusted basis, the index for final demand advanced 4.6% for the twelve-month period ending in February.
Mortgage Applications Increase for Second Consecutive Week
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending March 10th, the Market Composite Index—a measure of mortgage loan application volume—increased 6.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 7.0%.