The national median payment requested by applicants decreased from $2,133 in November to $2,127 in December, MBA reported.
Wood Markets News
US Mortgage Rates Inch Lower in the Week Ending January 30
The 30-year fixed-rate mortgage averaged 6.95%, down from last week when it averaged 6.96%, Freddie Mac reported.
US Weekly Initial Jobless Claims Decline in the Week Ending January 25
The advance figure for seasonally adjusted initial unemployment claims was 207,000, a decline of 16,000 from the previous week’s unrevised level.
Federal Reserve Holds Interest Rates Steady
At its FOMC meeting, the Federal Reserve decided to maintain the target range for the federal funds rate at 4.25–4.50%.
Bank of Canada Cuts Interest Rates and Updates GDP Projections for 2025
The Bank of Canada has reduced its target for the overnight rate to 3.0%, with the Bank Rate at 3.25% and the deposit rate at 2.95%.
CPKC Reaches Tentative Agreement With Unifor, Avoiding Strike
Canadian Pacific Kansas City (CPKC) railway and Unifor Local 101R have reached a tentative four-year collective agreement, CPKC reported.
Southern Pine Exports Fall 2% in November
Southern pine lumber exports declined 15.3% year-over-year and declined 2% month-over-month in November, the USDA and SFPA reported.
State-Level Construction Employment Data for December
Construction sector employment (both residential and nonresidential) increased in 26 states in December. Overall, the industry added a net 8,000 jobs.
US Mortgage Applications Decline in the Week Ending January 24
Mortgage loan application volume decreased 2.0% on a seasonally adjusted basis from one week earlier, MBA reported.
CN and IBEW of Canada Reach Tentative Agreement, Averting Strike
CN and the International Brotherhood of Electrical Workers of Canada have reached a tentative agreement on a contract, averting a strike slated to begin Tuesday, FreightWaves reported.