According to the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI) report, which analyzes data from the ICE Mortgage Technology, Mortgage credit availability declined in May 2022. The MCAI declined -0.9% to a reading of 120.0.
Wood Markets News
Typical U.S. Monthly Rent Surpasses $2,000 in May, Setting New All-Time High
Redfin, the Seattle-based, technology-powered real estate brokerage firm, is reporting that in May, for the first time ever, the median monthly asking rent in the U.S. surpassed $2,000. This is a year-over-year increase of 15%.
Mortgage Rates Resume Upward Climb in the Week Ending June 9, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 9, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.23% with an average 0.9 point, up from last week when it averaged 5.09%.
Weekly Jobless Claims Climb Higher in the Week Ending June 4, 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 4, 2022. This is increase of 27,000 from the previous week’s unrevised level.
DR Johnson Lumber Company Announces the Reopening of its Prairie Wood Products Division
DR Johnson Lumber Company, a second-generation, family-owned sawmill located in Riddle, Oregon, announced on Thursday that its Prairie Wood Products division will be reopening its sawmill in Grant County, Oregon. The sawmill is scheduled to reopen in July and hire approximately 50 employees.
Bois Forte Band of the Minnesota Chippewa Tribe to Resume Forest Management on Over 28,000 Acres
In the largest land-back agreement in Minnesota and one of the largest-ever in Indian Country, the Bois Forte Band of the Minnesota Chippewa Tribe restored more than 28,000 acres of land within its reservation boundaries back to tribal ownership. The Band plans to directly manage the restored lands under a forest management plan.
Economic Pressures Have Maine Loggers Facing Difficult Business Decisions
The Professional Logging Contractor of Maine conducted a survey of its members during the winter in regard to their operating costs. The results of that survey revealed that operational costs have gone up an average of 24% over the last two years—on everything from tires and hydraulic filters, to brake parts and labor.
U.S. Wood Pellet Exports Decline Month-Over-Month but Remain Above Year-Over-Year Totals in April 2022
According to data released on Wednesday by United States Department of Agriculture’s Foreign Agricultural Service, the U.S. exported 659,071 metric tons of wood pellets in April, down from 801,396.9 metric tons of wood pellets in March but up year-over-year from the 635,463.4 metric tons exported in April of 2021.
Mortgage Applications Drop for the Sixth Consecutive Week in the Week Ending June 3, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending June 3, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -6.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined -17.0% compared with the previous week.
Sanctions and Ports Closed to Russian Vessels Starting to Take Their Toll on Russian Lumber Markets
EU and other countries’ sanctions against Russia for the invasion of Ukraine, coupled with rising transportation tariffs and a stronger Russian Ruble, has led to a steady decline lumber exports and made the production of lumber in Russia’s Northwest a losing proposition. Exports to Europe, the main market for sawmills in the Northwest, will end on July 9.