Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 10th. The PMMS reports that the 30-year fixed-rate mortgage averaged 7.08% with an average 0.9 point, up from last week when it averaged 6.95%.
Wood Markets News
US Weekly Jobless Claims Increase in the Week Ending November 5th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 225,000 during the week ending on Saturday, November 5th. This is an increase of 7,000 from the previous week’s revised level.
New Employment Opportunities to Support Rural BC Forestry Workers
The BC Government announced on Monday that more employment opportunities are in progress for contractors and forestry workers throughout rural BC under the province’s Forest Employment Program (FEP). It will be funded through the province’s $185 million support package to help British Columbians impacted by old growth deferrals.
Georgia Voters Approve Ballot Measure Exempting Forestry Equipment From Property Tax
According to the New York Times, Georgia voters on Tuesday approved by a margin of 59% to 41%, “Referendum A” which beginning January 1st, 2023, will provide an annual ad valorem (property) tax exemption for equipment use for managing, harvesting, and replanting forests.
With Unique Mass Timber Design, National Veterans Resource Center Opens at Syracuse University
The National Veterans Resource Center, a first-of-its-kind facility, has opened on the campus of Syracuse University. Doubly curved cross-laminated timbers create a feature wall which wraps the exterior of the large central auditorium and forms a canopy over the 21,300 square foot space.
Mortgage Applications Decline for Seventh Consecutive Week
According to data from the Mortgage Bankers Association, for the week ending November 4th, the Market Composite Index—a measure of mortgage loan application volume—decreased 0.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 2.0%.
Led by the Highest Interest Rates on Credit Cards Since 1994, Revolving Debt Surges in Q3
According to the Federal Reserve’s latest G.19 Consumer Credit Report, US consumer credit (less real estate) grew at a seasonally adjusted annual rate (SAAR) of 6.8% in 22Q3. Revolving debt increased at a rate of 12.9%, which is more than double the pace of nonrevolving debt at 4.9%.
29% of US Single-Family Homes for Sale in Q3 Were New Construction—A Record High
Redfin is reporting that in 22Q3, 29% of US single-family homes for sale were new construction. This is the highest share of any Q3 on record. It is up from 25% in 21Q3 and 18% in 20Q3.
US Wood Pellet Exports Decline Month-Over-Month but Remain Higher Year-Over-Year in September
According to data released on Thursday by the US Department of Agriculture’s (USDA) Foreign Agricultural Service, the US exported 766,508.2 metric tons of wood pellets in September 2022. This is down from 880,876 metric tons in August but up from 690,514.5 metric tons of wood pellets in September 2021.
Commercial/Multifamily Borrowing Declines Year-Over-Year in Q3
On Tuesday, the Mortgage Bankers Association (MBA) reported the findings of its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. According to the survey, commercial and multifamily mortgage loan originations declined 13% year-over-year in 2022 Q3.