Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 26, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.10% with an average 0.9 point, down from last week when it averaged 5.25%. A year ago, at this time, the 30-year FRM averaged 2.95%.
Wood Markets News
Weekly Jobless Claims Slightly Lower in the Week Ending May 21, 2022
An additional 210,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, May 21, 2022. This is a decrease of 8,000 from the previous week’s unrevised level. The 4-week moving average was 206,750, an increase of 7,250 from the previous week’s unrevised average.
Japan’s Mitsui and Nomura Enter Into an Agreement to Purchase Australia’s New Forests
On Friday, New Forests announced that Japan’s Mitsui and Nomura had entered into an agreement to purchase 100% of all the shares of New Forest. Mitsui and Nomura will provide capital to support New Forests’ strategic growth initiatives and the global expansion of its investment platform.
Roseburg Forest Products Holds Groundbreaking Ceremony for Its New Roanoke Valley Lumber Sawmill
Roseburg Forest Products held a groundbreaking ceremony on Monday at the site of its new Roanoke Valley Lumber Sawmill located in Weldon, North Carolina. Last summer, the company announced it planned to further expand its operations in the Southeastern U.S., with the new 375,000-square-foot, high-capacity dimensional lumber mill.
Tolko Company Provides Brief Update on High Prairie, Alberta OSB Fire That Occurred on May 20, 2022
Tolko Company has provided a brief update on the fire at its OSB mill facility in High Prairie, Alberta. The fire was initially reported at approximately 5:00 AM MDT on Friday, May 20, 2022. The mill was evacuated, and local emergency crews were called to aid the facilities fire suppression system. The fire was declared out about 90-minutes later.
Stora Enso and Modvion Partnering on Wood Wind Turbine Towers
Stora Enso Oyi and wood technology company Modvion AB are partnering together to make wood the material of choice for wood turbine towers. Modvion builds wind turbine towers with laminated veneer lumber (LVL). Stora Enso is a leading supplier of mass timber products, including LVL.
Mortgage Applications Decline for Fourth Consecutive Week in the Week Ending May 20, 2022
According to data from the Mortgage Bankers Association, for the week ending May 20, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -1.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined -2.0% compared with the previous week.
Median Rental Prices Hit New Record High for 14th Consecutive Month in April—Higher Rents on Horizon
New data from Realtor.com’s Monthly Rental Report reveals that the U.S. median rental prices hit a new record high of $1,827. April data from Realtor.com showed national rents maintained their record-breaking run that began in January 2021.
Astara Capital Partners Announces Second Sawmill Acquisition
Astara Capital Partners has formed Camden Timbers to acquire and restart the assets of Victory Lumber, a southern yellow pine sawmill located in Camden, Arkansas. The Camden Timber investment is Astara’s second sawmill investment. Previously, Astara’s ACP Lumber Holdings acquired Cross City Lumber in April of 2021.
New Brunswick Plans to Increase Stumpage Rate Fees on Trees Coming From Crown Land
A New Brunswick official said on Monday that the government is preparing to increase what it charges forestry companies for timber coming off of Crown-owned lands. The Minister of Natural Resources and Energy Development said New Brunswick’s seven-year-old timber royalties are too low given what’s happened with the price of lumber.