Lesprom Network is reportingthat Setra, one of Sweden’s largest wood industry companies, is the first company in Sweden to offer a new moisture protection for frames made from cross-laminated timber. The moisture protection, Wetguard200SA, is manufactured by Siga Cover AG, a Swiss company, and is applied to surfaces such as floor structures.
Wood Markets News
Mortgage Rates Surge Higher in the Week Ending June 16, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 16, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.78% with an average 0.9 point, up from last week when it averaged 5.23%. This is the largest one week increase since 1987.
Weekly Jobless Claims Inch Lower in the Week Ending June 11, 2022
The U.S. 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 11, 2022. This is a decline of 3,000 from the previous week’s revised level. The 4-week moving average was 218,500.
Canadian Housing Starts Trend Lower in May 2022
According to the Canada Mortgage and Housing Corporation, the trend in housing starts in May were at 254,727 units, down from April’s reported 257,833 units. The trend measure is a six-month average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
Mortgage Applications Jump 6.6% in the Week Ending June 10, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending June 10, 2022, the Market Composite Index (a measure of mortgage loan application volume) increased 6.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 17.0%.
Malaysia and Vietnam Timber and Timber-Based Industries Sign Memorandum of Cooperation
A Memorandum of Cooperation (MoC) was signed today between the timber and timber-based industries in Malaysia and Vietnam. The MoC is intended to help to further develop the timber trades in both countries. The MoC is in line with the Asean Summit agreement of 2000 where the Initiative for Asean Integration was launched.
Builder Confidence Slips for Sixth Consecutive Month in June 2022
The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reported on Wednesday that builder sentiment in the market for newly built single-family homes fell 2 points lower in June to a reading of 67. This is the sixth consecutive month that builder sentiment has declined, and it is at its lowest level since June 2020.
Mortgage Delinquency Rates Declined Further in March 2022
According to CoreLogic’s latest loan performance report, which was released on Tuesday, approximately 2.7% of all mortgages in the U.S. were delinquent in March—a new historic low for the report. Year-over-year, it is a decline of -2.2% from the 4.9% posted in March of 2021. All 50 states posted annual declines.
Roseburg Forest Products Exploring Second MDF or Bioenergy Product Facility on West Coast
Roseburg Forest Products, a privately-owned company and a leading manufacturer of particleboard, medium density fiberboard (MDF), and thermally fused laminates, announced today that it is in the process of exploring the feasibility of locating a second MDF plant or bioenergy product facility within its current western operations footprint.
American Loggers Council Expresses Concern About High Fuel Costs for Logging Company Operations
The rapid increase in fuel costs is forcing loggers and log trucking companies to shut down operations, according to the American Loggers Council. The association states that fuel costs have risen from 25% to as much as 60% of operational costs and expects more shutdowns will occur. The ALC suggests a number of actions to ease the current strain.