Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 3rd. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.95% with an average 0.8 point, down from last week when it averaged 7.08%.
Wood Markets News
Job Cuts in October Increased Month-Over-Month and Year-Over-Year, Reaching Highest Level Since February 2021
According to the Challenger, Gray & Christmas Job Cuts Report released today, US employers announced 33,843 job cuts in October. This is a 13.0% increase from the 29,989 job cuts announced in September.
US Weekly Jobless Claims Decline for the Week Ending October 29th
The US Department of Labor is reporting the advance figure for seasonally adjusted initial unemployment claims was 217,000 during the week ending October 29th; this is a decrease of 1,000 from the previous week’s revised level of 218,000.
Western Forest Products Announces Temporary Curtailment at Its Port Alberni, BC, Sawmill
Western Forest Products said that operations at its sawmill in Port Alberni, BC, have been temporarily curtailed. Work at the Alberni Pacific Division Sawmill has been curtailed since mid-October, and currently there is no date set for when it may restart.
Papasay Value-Added Wood Products Sawmill Operation in NW Ontario Expanding
Papasay Value-Added Wood Products sawmill operation in northwestern Ontario is expanding its site with the addition of heat networks and new equipment. The expansion is thanks to the Federal Economic Development Agency (FEDA) for Northern Ontario providing $1.7 million (CAD) in funding.
US Residential Vacancies and Homeownership Data Released for Q3
The national vacancy rate in 22Q3 was 6.0% for rental housing and 0.9% for homeowner housing. The rental vacancy rate is 0.4 percentage points higher than the rate of 5.6% in 22Q2. The homeowner vacancy rate of 0.9% was little changed from 22Q2, when it was at 0.8%.
ADP Reports Private Sector Employment Gains and Increased Compensation in October
According to the October ADP® National Employment Report™, nonfarm private sector employment increased by 239,000 jobs in October, and annual pay was up 7.7% year-over-year. The report is produced in collaboration with Stanford Digital Economy Lab.
Mortgage Applications Decline for Sixth Consecutive Week
According to data from the Mortgage Bankers Association, for the week ending October 28th, the Market Composite Index—a measure of mortgage loan application volume—decreased 0.5% on a seasonally adjusted basis from one week earlier.
Resolute Forest Products Shareholders Vote in Favor of Paper Excellence Group Offer
Resolute Forest Products Inc. (RFP) announced on Monday that their stockholders have approved a proposal to adopt the Agreement and Plan of Merger, dated July 5, 2022, for the $2.7 billion acquisition offer from Paper Excellence Group.
Total US Construction Spending Up Month-Over-Month and Year-Over-Year in September
On Tuesday, the US Census Bureau reported that total construction spending during September was estimated at a seasonally adjusted annual rate of $1,811.1 billion, 0.2% above the revised August estimate of $1,807.0 billion.