Freddie Mac has released its Primary Mortgage Market Survey® for the week ending December 22, 2022. The 30-year fixed-rate mortgage averaged 6.27%, down from last week when it averaged 6.31%. A year ago at this time, the 30-year rate averaged 3.05%.
Wood Markets News
US Leading Economic Index® Declines Again in November, The Conference Board Reports
The Conference Board Leading Economic Index® (LEI) for the US in November declined 1.0% in November to a reading of 113.5 (2016=100), following a 0.9% decline in October and a 0.5% drop in September. The LEI has dropped 3.7% over the six-month period from May to November.
US Weekly Jobless Claims Increase for the Week Ending December 17th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 216,000 during the week ending on Saturday, December 17, 2022. This is an increase of 2,000 from the previous week’s revised level of 214,000 (originally reported as 211,000).
Mortgage Payments Decline 1.8% in November
The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index, which measures how new monthly mortgage payments vary across time (relative to income), homebuyer affordability improved in November. The national median payment applied for by applicants dropped 1.8%.
Chantier Chibougamau Announces the Purchase of GreenFirst Forest Products’ Quebec Operations
Chantier Chibougamau announced today that it has entered into an agreement with GreenFirst Forest Products to acquire all of the company’s Quebec operations, namely the La Sarre and Béarn sawmills and related forestry operations. GreenFirst has owned these mills since August 2021.
Mortgage Applications Increase for Second Consecutive Week
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending December 16th, the Market Composite Index (a measure of mortgage loan application volume) increased 0.9% on a seasonally adjusted basis from one week earlier.
Canada’s Consumer Price Index Posts Month-Over-Month and Year-Over-Year Increases in November
Statistics Canada reported today that the Consumer Price Index increased 6.8% year-over-year in November, following a 6.9% increase in October. Excluding food and energy, prices rose 5.4% year-over-year in November, following a gain of 5.3% in October.
The Conference Board’s Consumer Confidence Index Increases in December
The Conference Board released today its Consumer Confidence Index® (CCI) for December 2022. The CCI, following back-to-back monthly declines, rose precipitously. The Index now stands at 108.3 (1985=100), up from November’s reading of 101.4.
US Owner and Rental Vacancy Rates Reach Lowest Levels in Decades
According to the National Association of Home Builder’s analysis of the 2021 American Community Survey, the owner vacancy rate fell below 0.9% and rental vacancy rates reached a new low of 5.2%. These are the lowest levels recorded by the ACS since the survey started generating this data in 2005.
Existing Home Sales Down Month-Over-Month and Year-Over-Year in November
The National Association of Realtors® reported on Wednesday that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 7.7% decline in November to a seasonally adjusted rate at 4.09 million homes.