Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 16th. The 30-year fixed-rate mortgage averaged 6.32%, up from last week when it averaged 6.12%. A year ago at this time, the 30-year rate averaged 3.92%.
Wood Markets News
Producer Price Index for Final Demand Increases 0.7% in January—Up 6.0% Year-Over-Year
The Bureau of Labor Statistics reported today that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.7% in January 2023, following a 0.2% decline in December and a 0.3% increase in November.
US Weekly Jobless Claims Decrease for the Week Ending February 11th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 194,000 during the week ending on Saturday, February 11th. This is a decrease of 1,000 from the previous week’s revised level of 195,000 (originally reported as 196,000).
BC Announces New Measures to Protect Old-Growth, Increase Innovation and Forest Stewardship
The BC government announced that it is taking new measures to protect more old growth by fast-tracking innovation and co-developing new local plans with First Nations to better care for the province’s forests. The focal point of the plan is $25 million for new Forest Landscape Planning tables.
R-Y Timber to Permanently Close Its Livingston, Montana, Sawmill Facility
R-Y Timber Inc. announced on Tuesday that it has decided to permanently close its sawmill in Livingston, Montana, after the facility suffered its second major fire in a 5-month period. Most recently, the sawmill building was severely damaged by fire on February 7th.
Canadian Housing Starts Decline Month-Over-Month in January
The Canada Mortgage and Housing Corporation reported today that the standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada declined 13% to 215,365 units in January, when compared to 248,296 units in December.
Nova Scotia and Port Hawkesbury Paper Renew and Extend Agreements
Nova Scotia announced on Wednesday that the province has updated its agreements with Port Hawkesbury Paper, which will support sustainable ecological forestry practices and management of public lands. Originally signed in 2012, the province has two separate agreements with the company.
US Builder Sentiment Up for Second Consecutive Month in February
The National Association of Home Builders/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes increased 7 points in February to a reading of 42. This marks the second consecutive month of gains and the strongest reading since September.
Prince Edward Island Offers to Buy Private Land for Conservation and Reforestation
The province of Prince Edward Island (PEI), Canada, announced in a press release that it is offering to buy land near buffer zones, watercourses, or wetlands. PEI says it will buy land from owners at fair market price to support conservation, tree planting, and/or reforestation activities.
Canadian Home Sales Resume Downward Trek in January
The Canadian Real Estate Association reported today that home sales recorded over Canadian MLS® Systems were down 3% on a month-over-month basis. The decline wiped out all of December’s gains, and homes sales are back on the mild downward trend observed since last summer.