Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 22, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.29% with an average 0.9 point, up from last week when it averaged 6.02%.
Wood Markets News
US Weekly Jobless Claims Increase for the Week Ending September 17, 2022
The US Department of Labor is reporting that seasonally adjusted an additional 213,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, September 17, 2022. This is an increase of 5,000 from the previous week.
Manitoba Provincial Government Signs Two More Forestry Revenue Sharing Agreements With Northern First Nations
The Manitoba provincial government said on Tuesday that it has signed memorandums of understanding on forestry revenue-sharing with two more Northern Manitoba First Nations. One of the agreements is with the Norway House Cree Nation and the other is with Chemawawin Cree Nation.
Stella-Jones Adds 43rd Wood Pole Manufacturing Facility With Purchase of Texas Electric Cooperatives Inc.
Stella-Jones Inc. announced that it had entered into a definitive agreement to purchase substantially all of the assets employed in the wood utility pole manufacturing business of Texas Electric Cooperatives, Inc for a total purchase price of $28 million (USD), plus an additional $4 million in inventories.
Fannie Mae’s Economic and Strategic Research Group Paints Gloomy Picture for US Economy
According to the September 2022 commentary released today (9-21-22) from the Fannie Mae Economic and Strategic Research (ESR) Group, economic growth is projected to resume in the second half of 2022. However, the combination of high inflation, monetary policy tightening, and a slowing housing market is likely to tip the economy into a modest recession in the new year.
Mortgage Applications Increase in the Week Ending September 16, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending September 16, the Market Composite Index (a measure of mortgage loan application volume) increased 3.8% on a seasonally adjusted basis from one week earlier.
US Median Asking Rents Up 11% Year-Over-Year in August, Setting a New Record High
Redfin reported that US asking rents soared to a record high in August but noted that rent growth had moderated for the third consecutive month. According to Redfin, the US national median asking rent was up 11% year-over-year in August to $2,039.
Existing Home Sales Drift Lower in August, Marking Seventh Consecutive Monthly Decline
The National Association of Realtors® reported on Wednesday that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 0.4% decline in August from July. Sales were at a seasonally adjusted rate of 4.80 million homes.
Canfor Corp. Announces Two-Week Curtailment in BC Beginning September 26 and Reduced Operating Schedules for the Remainder of the Year
Canfor Corporation on Monday announced a temporary reduction in production in British Columbia due to challenging market conditions. The production capacity will be reduced through a two-week curtailment beginning on Monday, September 26, 2022, at the majority of solid wood facilities in BC.
Housing Starts Push Higher, While Building Permits and Completions Trended Lower, in August 2022
The US Census Bureau reported on Tuesday that privately‐owned housing starts in August were at a seasonally adjusted annual rate (SAAR) of 1,575,000. This is 12.2% above the revised July estimate of 1,404,000 but 0.1% below the August 2021 rate of 1,576,000.