In its latest report, Redfin, reported that for the week ending June 19, homebuying demand pulled back further as mortgage rates reached their highest level in since 2009. Redfin’s Homebuyers Demand Index—which measures buyers request for home tours, offers, and other requests for agents’ help—posted its largest decline in over 2 years.
Wood Markets News
Mortgage Payments Rise Modestly Month-Over-Month in May 2022
The Mortgage Bankers Association (MBA) reported on Thursday that, according to its Purchase Applications Payment Index, which measures how new monthly mortgage payments vary across time (relative to income) using data from MBA’s Weekly Applications Survey, homebuyer affordability was mostly unchanged in May.
University of Michigan Final Consumer Sentiment Index Declines for June 2022
The University of Michigan today released its preliminary Consumer Sentiment Index for June. The Index of Consumer Sentiment dropped to a reading of 50.0, down from May’s reading of 58.4. This is a month-over-month decrease of -14.4% and down -41.5% year-over-year (85.5 in June 2021).
New Talks With Canada on Lumber Tariffs Depend on Canada Addressing Trade Concerns, US Trade Representative Tells Senate Subcommittee
Appearing on Wednesday before a meeting of the U.S. Senate Appropriations subcommittee, US Trade Representative Katherine Tai said that the US is open to fresh negotiations with Canada to resolve a longstanding dispute over US tariffs on softwood lumber.
Oregon’s New Wildfire Map Has Critics Fearing Greater Restrictions
After approving a statewide hazard rating that will incorporate up to 300,000 properties with elevated risk of wildfires, Oregon forestry official are anticipating some blowback—especially from rural residents. Many of those rural tracts expect to face new defensible space and building code requirements.
Mortgage Rates Continued to Climb in the Week Ending June 23, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 23, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.81% with an average 0.8 point, up from last week when it averaged 5.78%. A year ago, at this time, the 30-year FRM averaged 3.02%.
Weekly Jobless Claims Modestly Lower in the Week Ending June 18, 2022
The US Department of Labor is reporting that an additional 229,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, June 18, 2022. This is a decline of 2,000 from the previous week’s revised level. The 4-week moving average was 223,500.
Canadian Unemployment at New Record Low; Long-Term Unemployment Remains Unusually High
Statistics Canada reported today that 20,000 fewer Canadians, or -3.8%, received regular employment insurance benefits in April. That brought the total number of beneficiaries to 496,000. In comparison, there were 1.2 million, or -70.2%, fewer regular EI beneficiaries in April of 2022 than in May of 2021.
Uniboard Canada Inc. Investing $250 Million in New State-Of-The-Art Particleboard Press Line at Its Val-D’Or, Quebec, Facility
Uniboard Canada Inc., a leading North American manufacturer of engineered wood products, announced on Tuesday that it was investing $250 million (CAD) in a new state-of-the-art particleboard press line at its Val-d’Or, Quebec, plant. The new continuous press will feature the latest in particleboard production technology.
Pacific Woodtech to Acquire LP Building Solutions’ Engineered Wood Products Business and SolidStart® Brand
LP Building Solutions (LP) today announced an agreement with Pacific Woodtech to acquire LP’s engineered wood products business for $210 million. The acquisition includes LP’s laminated veneer lumber and I-joist manufacturing facilities in three states/provinces, associated timber license assets, and the SolidStart® brand.