Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 10, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.10% with an average 0.7 point up from last week when it averaged 2.98%. A year ago, at this time, the 30-year FRM averaged 2.72%.
Wood Markets News
Building Permits Up, Housing Starts and Completions Lower in October
The U.S. Census Bureau reported on Wednesday (11-17-21) that privately‐owned housing starts in October were at a seasonally adjusted annual rate (SAAR) of 1,520,000. This is -0.7% below the revised September rate of 1,530,000 but is 0.4% above the October 2020 rate of 1,514,000. Single-family housing starts in October were at a rate of 1,039,000, which is -3.9% below the revised September figure.
Proposed B.C. Forest Tenure Amendments Aims to Make Major Changes
The B.C. government is moving forward with its far-reaching measures to remake the forest tenure system. The measures include reducing existing company cutting rights, paying compensation, and reassigning logging rights to Indigenous and community forests. It also is requiring transparency by requiring area-based tenure holders to share forest inventory information with the chief forester
Single-Family Built-For-Rent Construction Starts Hits Quarterly Volume Record in Q3 2021
Further analysis of the U.S. Census Bureau’s Quarterly Starts and Completions by Purpose and Design, provided by the National Association of Home Builders (NAHB), reveals that the number of single-family built-for-rent (SFBFR) construction starts reached its highest quarterly volume on record in Q3 2021. During Q3 2021, there were approximately 16,000 single-family built-for-rent starts.
Canadian Consumer Price Index Up Month-Over-Month and Year-Over-Year in October
Statistics Canada (StatsCan) reported on Wednesday (11-17-21) that the Consumer Price Index (CPI) rose 4.7% on a year-over-year basis in October, up from a 4.4% increase in September. October’s increase was the largest increase since February 2003. Excluding energy, the CPI rose 3.3% year-over-year, matching September’s increase.
Mortgage Applications Decline in the Week Ending November 12, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending November 12, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -2.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -4% compared with the previous week.
The Mountain Pine Beetle — 25 Years After
It was about 25 years ago that managers in Tweedsmuir Provincial Park noticed a patch of beetle killed pine trees. It is popularly believed that this was the starting point for the infestation that ravaged much of the BC interior Lodgepole pine stands and, had aggressive measures been taken, the extent of the damage might have been reduced.
B.C. Forest Amendment Act of 2021 Proposes Building a More Diverse and Inclusive Forest Sector
On Monday afternoon (11-15-21), legislation was introduced that will help bring forth the B.C. Provincial government’s vision for forest care. According to the government, The Forest Amendment Act, 2021 is legislation to help build a more diverse and inclusive forest sector that works for people.
Houses Selling Above List Price Declined for the Fourth Consecutive Month in October
A recently released report from OJO Labs, a Texas-based real estate technology and guidance company, reveals that 40.9% of homes in October sold for more than the list price — a portion that has been steadily declining for the past four months. The percentage of homes selling above list price sat at 42.8% in September, so the decrease, while minor, showed a steady four-month trend of month-over-month decreases.
Canadian Industrial Product Price Index Up Month-Over-Month and Year-Over-Year
Statistics Canada (StatsCan) today (11-16-21) released it flash estimates for the October Industrial Product Price Index (IPPI). The IPPI was up 1.3% month-over-month and 16.7% year-over-year. The lumber and other wood products group (+5.4%) was the second largest contributor to the month-over-month gain in the IPPI in October, after posting four consecutive monthly declines.