Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 15, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.02% with an average 0.8 point, up from last week when it averaged 5.89%.
Wood Markets News
Canadian Home Sales Slowed Modestly in August
Canadian Real Estate Association data reveals that national home sales in Canada slowed modestly in the August, decreasing 1% month-over-month. This marks the sixth consecutive month-over-month decline in housing; however, it was the smallest of the six.
Bureau of Labor Statistics Producer Price Index, With Focus on Building Materials, Released for August
A deeper look into the Bureau of Labor Statistics August Producer Price Index (PPI), with a focus on building, reveals that price of building materials rose (not seasonally adjusted) 0.5% in August. Prices increased even as softwood lumber prices declined 5.2% in the month.
US Weekly Jobless Claims Decrease for the Week Ending September 10, 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 September 10th. This is a decrease of 5,000 from the previous week’s revised-lower level of 218,000.
One New US Class 1 Freight Railroad Tentative Agreement Announced; Two Unions Ratify Agreements; And One Union Turns Down Deal and Votes to Strike
The latest tentative agreement, two ratifications, and one rejection means that 9 out of the 12 labor unions have either reached tentative agreement and are either waiting for, or already have, membership ratification.
Monday Morning Fire Destroys R-Y Timber’s Planer Building and Machinery in Livingston, Montana
An early morning fire on Monday at R-Y Timber in Livingston, Montana, destroyed the company’s planer building and its contents. Firefighters were able to contain the fire to the planer building, and no other buildings at the facility were impacted.
Mortgage Applications Decline for Fifth Consecutive Week in the Week Ending September 9, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending September 9th, the Market Composite Index decreased 1.2% on a seasonally adjusted basis from one week earlier.
Recent Changes to California Building Codes Allow for Mass Timber Buildings Up to 18-Stories Tall
Recently enacted new building codes in California now allow for high-rise mass-timber buildings of up to 18-stories to be constructed throughout the state and increased allowable square footage of such buildings. The new provision comes just as mass-timber building continues to grow across the US.
Producer Price Index for Final Demand Down 0.1% in August—Still Up 8.7% Year-Over-Year
The Bureau of Labor Statistics reported today that the Producer Price Index (PPI) for final demand, seasonally adjusted, declined 0.1% in August. The August drop follows a 0.4% decline in July, but it was proceeded by advances of 1.0% in June, 0.8% in May, and 0.4% in April.
First 3D-Printed Multistory Building in US Underway in Houston, Texas
HANNAH, PERI 3D Construction, and CIVE, in collaboration with building industry partners, are in the process of 3D printing the first multistory printed structure in the US. The two-story single-family home in Houston, Texas, will integrate a customized architectural design and a resilient structural system.