Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 9th. The 30-year fixed-rate mortgage averaged 6.73%, up from last week when it averaged 6.65%. A year ago at this time, the 30-year rate averaged 3.85%.
Wood Markets News
US Weekly Jobless Claims Increase
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 211,000 during the week ending on Saturday, March 4th. This is an increase of 21,000 from the previous week’s unrevised level of 190,000.
Mercer International Shortens Celgar Pulp Mill Downtime
According to local reporting by My Kootenay Now, Mercer International has shortened the scheduled shutdown of its Celgar pulp mill located in Castlegar, British Columbia. Due to a fiber shortage, the company previously said it would shut down the mill for three weeks, beginning March 7th.
Pacific Lumber Inspection Bureau Releases New Grading Rule Book
The Pacific Lumber Inspection Bureau has published a new grading rule book, titled WCLB Standard Grading Rules for West Coast & Imported Softwood lumber, No. 18, 2022, according to reporting by The Construction Specifier. The new book replaced WCLB Standard No. 17, the bureau’s previous version of the grading rules.
Transportation Prices Declined at a Record Pace in February
FreightWaves is reporting that transportation prices in February fell at the fastest rate recorded in the six-and-a-half-year history of a monthly survey of supply chain executives. The Logistic Manager’s Index (LMI) registered a reading of 36.1 for transportation costs in February, 5.9 percentage points lower than in January.
Mortgage Applications Increase in the Week Ending March 3rd
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the ending March 3rd, the Market Composite Index (a measure of mortgage loan application volume) increased 7.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 9.0%.
ADP® Reports Private Sector Employment Gains and Increased Compensation in February
According to the January ADP® National Employment Report™ released Wednesday, nonfarm private sector employment increased by 242,000 jobs in February and annual pay was up 7.2% year-over-year. The report is produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab.
Job Openings and Labor Turnover Summary for January
On Wednesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for January. According to the JOLTS report, as of the last business day in January the number and rate of job openings declined to 10.8 million (a loss of 410,000) and 6.5%, respectively.
Fannie Mae’s Home Purchase Sentiment Index Declines Month-Over-Month and Year-Over-Year in February
Fannie Mae has released its Home Purchase Sentiment Index® (HPSI) for February. The HPSI fell 3.6 points in February to a reading of 58.0. The decline ends a streak of three consecutive monthly gains, returning the HPSI closer to its all-time survey low set in October 2022.
Employees at West Fraser Timber’s Barwick OSB Mill Ratify New Four-Year Agreement
Members of Unifor Local 324-99 working at West Fraser Timber’s Barwick OSB facility located near Ft. Frances, Ontario, have voted in favor of accepting a new four-year collective agreement with the company, according to Canadian Forest Industries.