Freddie Mac has released its Primary Mortgage Market Survey® for the week ending April 13th. The 30-year fixed-rate mortgage averaged 6.27%, down from last week when it averaged 6.28%. A year ago at this time, the 30-year rate averaged 5.00%.
Wood Markets News
US Weekly Jobless Claims Increase for the Week Ending April 8th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 239,000 during the week ending on Saturday, April 8th. This is an increase of 11,000 from the previous week’s unrevised level of 228,000.
Canadian Investment in Building Construction Increases in February
Statistics Canada reported Wednesday that investment in building construction rose 1.0% to $20.6 billion (CAD) in February, with all sectors posting gains. Investment in residential building construction climbed 1.1% to $15.0 billion.
Stora Enso Announces Plan to Permanently Close a Paper Machine at Its Anjala, Finland, Facility
Stora Enos OYJ announced Wednesday that intends to consolidate its book paper production and permanently close one of the two paper machines at its Anjala facility in Finland. The company cited the prevailing weakness in paper demand and high input costs.
Nonresidential Construction Backlog Declines to Its Lowest Level Since August 2022
The Associated Builders and Contractors reported on Tuesday that its Construction Backlog Indicator declined to 8.7 months in March. However, the reading is 0.4 months higher than a year ago. The backlog is now at its lowest level since August 2022.
Mortgage Applications Increase in the Week Ending April 7th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the ending April 7th, the Market Composite Index—a measure of mortgage loan application volume—increased 5.3% on a seasonally adjusted basis from one week earlier.
Consumer Price Index Increases 0.1% in March; All-Item Index Up 5.0% Year-Over-Year
The US Bureau of Labor Statistics on Wednesday reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in March, on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 5.0% before seasonal adjustment.
NFIB’s Small Business Optimism Index Increased 0.8 Points in March; Still Below 49-Year Average
The National Federation of Independent Business reported on Tuesday its Small Business Optimism Index (SBOI) for March increased 0.8 points to a reading of 90.1. This marks the fifteenth consecutive month that the SBOI has been below the 49-year average reading of 98.
USDA, FHA Announce End to Pandemic Forbearances Effective May 31st
On Monday, President Biden signed a resolution that ends the presidentially declared national emergency for the COVID-19 pandemic that has been in place for over three years, according to “HousingWire.” Originally, the emergency declaration was scheduled to expire on May 11th.
Tolko Announces It Will Temporarily Eliminate One Shift at Its Armstrong, BC, Sawmill
“Castanet” is reporting that Tolko will temporarily eliminate one shift at its Armstrong, BC, sawmill. Approximately 65 employees will be off the job for the foreseeable future. The company’s plywood and co-generating facilities will not be impacted.