Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 11th. The 30-year fixed-rate mortgage averaged 6.35%, down from last week when it averaged 6.39%. A year ago, the 30-year rate averaged 5.30%.
Wood Markets News
Producer Price Index for Final Demand Resumed Its Upward Trek in April, Rising 2.3% Year-Over-Year
The Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.2% in April after declining 0.4% March. On an unadjusted basis, the index for final demand advanced 2.3% for the 12-month period ending in April.
US Weekly Jobless Claims Increase for the Week Ending May 6th
The advance figure for seasonally adjusted initial unemployment claims was 264,000 during the week ending on Saturday, May 6th. This is an increase of 22,000 from the previous week’s unrevised level of 242,000.
Canadian Monthly Value of Building Permits Increased in March
Statistics Canada reported Wednesday that the total monthly value of building permits in Canada climbed 11.3% in March to $11.8 billion (CAD). On a constant dollar basis (2012=100), the value of building permits was up 12.2% to $6.9 billion.
Consumer Price Index Increases 0.4% in April; All-Item Index Up 4.9% Year-Over-Year
The US Bureau of Labor Statistics on Wednesday reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in April on a seasonally adjusted basis. Over the past 12 months, the all-items index has increased 4.9% before seasonal adjustment.
10-Story Mass Timber Building Passes High-Magnitude Earthquake Test
A 10-story mass timber building successfully withstood a high-magnitude earthquake simulation at the University of California San Diego on Tuesday, according to ABC News. The structure is the world’s tallest full-scale building to be tested on an earthquake simulator.
Mortgage Applications Increase in the Week Ending May 5th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending May 5th, the Market Composite Index (a measure of mortgage loan application volume) increased 6.3% on a seasonally adjusted basis from one week earlier.
Aragon to Build North America’s Largest Residential Mass Timber Project
According to Woodworking Network, Aragon, the real estate development company, plans to build North America’s largest residential CLT project. The 77-unit residential Timber House will be built in New Westminster, BC, with Kalesnikoff, a Canadian CLT company, providing the materials.
NFIB’s Small Business Optimism Index Slips Lower in April
The National Federation of Independent Business reported its Small Business Optimism Index (SBOI) declined by 1.1 points to a reading of 89.0 in April. This marks the sixteenth consecutive month below the survey’s 49-year average of 98.
Mortgage Credit Availability Shrinks Again in April
According to the Mortgage Bankers Association, mortgage credit availability decreased in April. The MCAI fell by 0.9% to a reading of 99.6 in April. A decline in the MCAI indicates that lending standards are tightening.