According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.96%, up from last week when it averaged 6.90%. A year ago at this time, the 30-year rate averaged 5.22%.
Wood Markets News
US Mortgage Delinquencies Decreased in Q2, Mortgage Bankers Association Reports
The delinquency rate for mortgage loans on one-to-four units residential properties decreased to a seasonally adjusted rate of 3.37% of all loans outstanding, according to the Mortgage Bankers Association.
July’s US Median Asking Rent is Just $16 Below All-Time High
Redfin reported that the median US asking rent was $2,038 in July, just $16 below the record high set in August 2022.
Consumer Price Index Increases 0.2% in July; All-Item Index Up 3.2% Year-Over-Year
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in July on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 3.2% before seasonal adjustment.
US Weekly Jobless Claims Increase in the Week Ending August 5th
The advance figure for seasonally adjusted initial unemployment claims was 248,000 during the week ending Saturday, August 5th. This is an increase of 21,000 from the previous week’s unrevised level of 227,000.
Total Value of Canadian Building Permits Increases in June
Statistics Canada reported that the total monthly value of building permits in Canada increased 6.1% in June to $11.6 billion (CAD), with a substantial monthly increase of 67.2% in the non-residential institutional component.
Mortgage Applications Decline for Third Consecutive Week in the Week Ending August 4th
Mortgage loan application volume decreased 3.1% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association. On an unadjusted basis, the Index decreased 4.0%.
US Wood Pellet Exports Up Month-Over-Month and Year-Over-Year in June
The US exported 865,995.4 metric tons of wood pellets in June, up from 820,057.5 metric tons in May, according to the USDA and analysis by Biomass Magazine.
Cross Laminated Timber to Be a Feature of the New Fraser Mill Presentation Center in BC
Construction is underway at the Fraser Mill presentation center located in South Coquitlam, BC, according to urbanYVR. The $10 million (CAD) presentation center makes use of cross-laminated timber (CLT).
Consumer Debt Showed Signs of Slowing in Q2
Consumer credit outstanding growth slowed to 4.0% in 2023Q2 (SAAR), according to the US Federal Reserve and analysis by the National Association of Home Builders.