Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending December 23, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.05% with an average 0.7 point, down from last week when it averaged 3.12%. A year ago, at this time, the 30-year FRM averaged 2.66%.
Wood Markets News
Personal Income, Disposable Income, and Personal Consumption Expenditures All Increase in November 2021
The U.S. Bureau of Economic Analysis reported on Thursday (11-23-21) that according to their estimates, personal income (PI) increased $90.4 billion, or 0.4% in November. Disposable personal income (DPI) increased $70.4 billion, or 0.4% in November. Personal consumption expenditures (PCE) increased $104.7 billion, or 0.6% in November.
University of Michigan Final Consumer Sentiment Index Increases in December
The University of Michigan today (12-23-21), released its final Consumer Sentiment Index (CSI) for December. The Index of Consumer Sentiment increased to a reading of 70.6 in December, up from 67.4 in November. This is month-over-month increase of 4.7%.
Weekly Jobless Claims Decline in the Week Ending December 18, 2021
The U.S. Department of Labor is reporting that an additional 205,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, December 18, 2021. This is unchanged from last week’s revised level. The 4-week moving average was 206,250.
Real GDP for 2021 Q3 Revised Up to 2.3% in “Third” Estimate
The Bureau of Economic Analysis (BEA) released today (12-22-21) its “third” estimate of real gross domestic product (GDP) for 2021 Q3. In the “third” estimate for the third quarter, real GDP increased 2.3% — 0.2% higher than in the “second” estimate. The estimate released today is based on more complete source data than were available for the “second” estimate, which was issued last month.
Ontario’s First Mass Timber, Net-Zero Carbon Institutional Building Taking Shape at Centennial College
Construction is underway on Ontario’s first mass timber and net-zero carbon institutional building. The A-Block expansion program at Centennial College’s Progress Campus in Scarborough began in November and progress is already visible at the site. The expansion includes a 136,000 square-foot extension of the existing A-Block Building, using FSC certified black spruce from Northern Quebec, which has been cross-laminated and glue-laminated.
Existing Home Sales Up Month-Over-Month but Decline Year-Over-Year in November
On Wednesday (12-22-21), The National Association of Realtors® (NAR) reported that total existing home sales (completed transactions for single-family homes, townhomes, condominiums, and co-ops) increased 1.9% from October to a seasonally adjusted rate of 6.46 million homes in November. This marks the third consecutive month of growth. Year-over-year, however, sales are down -2.0% (6.59 million in November 2020).
U.S. Consumer Confidence Increases in December
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (12-22-21) their Consumer Confidence Index® (CCI) for December 2021. The CCI increased in December, after an upwards revision in November, and an uptick in October. This follows decreases in September, August, July, and June. The Index now stands at 115.8 (1985=100), up from 111.9 in November.
Mortgage Applications Decline in Week Ending December 17, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending December 17, 2021, the Market Composite Index (a measure of mortgage loan application volume) decreased -0.6% percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -1% compared with the previous week.
Canada Officially Challenges US Duties on Canadian Softwood Lumber Under USMCA Trade Agreement
The Canadian government, in a statement released on Tuesday (12-21-21) by Canadian Trade Minister Mary Ng, said that Canada has filed an official notice to challenge U.S. duties on Canadian softwood lumber under the US-Mexico-Canada (USMCA) trade agreement. The United States nearly doubled duties on softwood lumber exported from Canada in November.