The 30-year fixed-rate mortgage averaged 6.46%, down from last week when it averaged 6.49%, Freddie Mac reported.
Wood Markets News
Two Michigan Universities Leading the Way on Technology and Promotion of Mass Timber
Two Michigan universities are working with the state’s Department of Natural Resources to develop mass timber construction technologies and promote mass timber construction, according to UPword Michigan.
US Weekly Initial Jobless Claims Increase in the Week Ending August 17th
The advance figure for seasonally adjusted initial unemployment claims was 232,000 during the week ending August 17th, an increase of 4,000 from the previous week’s revised level.
Canadians Receiving Employment Insurance Increases in June; Unemployment Climbs to 6.4%
The number of Canadians receiving regular Employment Insurance benefits in June totaled 474,000, up 1.3%, or 6,000, from a month earlier
Conifex to Curtail Production at Its Mackenzie, BC, Sawmill and Temporarily Reduce Power Plant Output
Conifex is reducing its sawmill operating schedule at its Mackenzie, BC, site to a one-shift basis for the foreseeable future and temporarily curtailing its power plant, each commencing on August 26th.
Fannie Mae Lowers Expectations For Home Sales, But Upgrades GDP Outlook for 2024
According to the ESR Group, total home sales are expected to come in lower than previously forecast through the rest of 2024, and then not pick up meaningfully until further out in 2025.
Canadian Industrial Product and Raw Materials Price Indices for July
Prices for lumber and other wood products fell 3.4%, mainly on lower prices for softwood lumber, down 7.8%.
Sweden’s Södra Raises Prices on Several Timber Products
Södra, Sweden’s largest forest owners’ association, announced it is raising the prices of several timber products as of August 21st.
State-Level Construction Employment Analysis for July
Overall, the construction industry added a net 25,000 jobs in July compared to the previous month, the BLS and NAHB reported.
Mortgage Applications Decline in the Week Ending August 16th
Mortgage loan application volume declined 10.1% on a seasonally adjusted basis from one week earlier, MBA reported.