Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 9, 2023. According to the survey, the 30-year fixed-rate mortgage averaged 6.12%, up from last week when it averaged 6.09%.
Wood Markets News
US Weekly Jobless Claims Increase for the Week Ending February 4th
The US Department of Labor reports that the advance figure for seasonally adjusted initial unemployment claims was 196,000 during the week ending on Saturday, February 4, 2023. This is an increase of 13,000 from the previous week’s unrevised level of 183,000.
Zillow Analyzes Lower Mortgage Rates and Their Impact on Increasing Regional Homebuying Power
On Thursday, Zillow Group Inc. released its latest Zillow® analysis on mortgage rates and buying power. The Zillow analysis shows that a typical home associated with a $3,000 monthly mortgage payment is up $60,000 in value since October.
West Fraser Timber Announces Planned Curtailments in Q2 & Q3 at the Cariboo Pulp & Paper Facility
West Fraser Timber Co. Ltd. announced on Tuesday that it is planning to curtail operations at the Cariboo Pulp & Paper facility, which it jointly owns with Mercer International in Quesnel, British Columbia, beginning in mid-April for a month and then again for another month sometime in Q3.
Domain Timber Advisors Adds 22,000 Acres to Its Southeast US Timberlands Portfolio
Domain Timber Advisors, a subsidiary of Domain Capital Group, announced that it has acquired approximately 22,000 acres of timberland throughout the southeast US. With these acquisitions, the total acreage under the company’s management is now more than 264,000 acres.
US Forest Service Estimates That 36.3 Million Trees Died in California in 2022
A recently released report from the US Forest Service says that an estimated 36.3 million trees died in California in 2022. According to the report and reporting by ABC10, the high tree death rate is due to several factors, with drought at the top of the list.
Mortgage Applications Increased in the Week Ending February 3rd
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending February 3, 2023, the Market Composite Index (a measure of mortgage loan application volume) increased 7.4% on a seasonally adjusted basis from one week earlier.
Revolving Debt Slowed in Q4, Federal Reserve Reports
According to the Federal Reserve G.19 Consumer Credit Report released Tuesday, the balance of consumer credit outstanding grew at a seasonally adjusted annual rate (SAAR) of 6.5% in 2022Q4, down from 6.7% in 2022Q3. In December, consumer credit outstanding increased at a SAAR of 2.9%.
US Wood Pellet Exports Increased Month-Over-Month and Year-Over-Year in December
According to data released on Tuesday by United States Department of Agriculture’s Foreign Agricultural Service, the US exported 917,175.4 metric tons of wood pellets in December. This is above November’s shipment of 694,199.7 metric tons, as well as the 798,883.6 metric tons exported in December 2021.
Skeena Sawmills Indefinitely Closes Its Terrace, BC, Sawmill Facility and Pellet Plant Subsidiary
Skeena Sawmills announced on Tuesday that it was closing down its Terrace, British Columbia, sawmill for an undetermined length of time, according to reporting by the Terrance Standard. The company cited high operating costs, lack of a secure fiber supply, and weak markets.