Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 23rd. The 30-year fixed-rate mortgage averaged 6.50%, up from last week when it averaged 6.32%. A year ago at this time, the 30-year rate averaged 3.89%.
Wood Markets News
New Mass Timber Elementary School Coming to Kamloops, BC
Elementary school students in Kamloops, BC, will soon benefit from a modern new school. The BC provincial government has provided $65.3 million (CAD) for a new 485-seat elementary school. Mass timber will be used in the new school’s design, where appropriate.
Real GDP in Q4 Increased at an Annual Rate of 2.7%, BEA Reports in Its “Second” Estimate
The Bureau of Economic Analysis released today its “second” estimate for 2022Q4 real gross domestic product (GDP). According to the report, GDP increased at an annual rate of 2.7%. This follows a reported real GDP increase of 3.2% in 2022Q3.
US Weekly Jobless Claims Decline in the Week Ending February 18th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 192,000 during the week ending on Saturday, February 18th. This is a decrease of 3,000 from the previous week’s revised level of 195,000.
Ontario Provincial Government Announces $2.1 Million Investment in Tree Planting Through Forests Ontario
Graydon Smith, Minister of Natural Resources and Forestry for Ontario, announced at Forests Ontario’s annual conference that the provincial government is investing $2.1 million (CAD) in tree planting through Forests Ontario. Forest Ontario has planted more than 41 million trees to date.
Canada Fails to Respond to Japan’s Request That It Rejoin the International Tropical Timber Organization
According to reporting by The Canadian Press, an access-to-information request shows that in July 2022, Japan asked the Canadian federal government to rejoin the International Tropical Timber Organization. To date, the current government has failed to respond to the months-old invitation from Japan.
Mass Timber Project Underway at University of Toronto’s Koffler Scientific Reserve
Construction is underway on a new mass timber dining and operations center project on a 900-acre property at the University of Toronto’s Koffler Scientific Reserve, according to Daily Commercial News (2-21-23). The new center will include bunk rooms, classrooms and meeting space, and a common kitchen area.
Fannie Mae’s Economic and Strategic Research Group Updates Its 2023 Outlook
Fannie Mae’s Economic and Strategic Research (ESR) group reported on Tuesday that it continues to expect the economy to fall into a modest recession. The Group now believes the likely start date will be in 2023Q2. The ESR Group reports that housing started 2023 on a relative high note but also sees this as temporary.
Mortgage Applications Decline for Second Consecutive Week
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the ending February 17th, the Market Composite Index—a measure of mortgage loan application volume—decreased 13.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 4.0%.
Square Footage of New Single-Family Homes Continues to Shrink
Data from the US Census Bureau, with additional analysis provided by the National Association of Home Builders, reveals that the median single-family square floor area declined significantly to 2,203 square feet—the lowest level since 2011.