According to the Mortgage Banker Association’s (MBA) new Purchase Application Payment Index (PAPI), homebuyer affordability declined in March, with the national median payment applied for by applicants rising 5.0% from $1,653 in February to $1,736 in March. The PAPI measures how new monthly mortgage payments vary across time.
Wood Markets News
Canadian Real GDP Increased 1.1% in February 2022
Statistics Canada (StatsCan) reported today (4-29-22) that real gross domestic product (GDP) rose 1.1% in February, the largest monthly growth rate since March 2021. The increase was a result of broad-based increases across most sectors, which contributed to the ninth consecutive monthly expansion in economic output.
University of Michigan Final Consumer Sentiment Index for April 2022 Sees Surprising Gains
The University of Michigan today (4-29-22) released its final Consumer Sentiment Index (CSI) for April. The Index of Consumer Sentiment increased to a reading of 65.2, up from the March reading of 59.4. This is a month-over-month increase of 9.8% but down -26.2% year-over-year (88.3 in April 2021).
Personal Income, Disposable Income, and Personal Consumption Expenditures All Increased in March 2022
The U.S. Bureau of Economic Analysis (BEA) reported on Friday (4-29-22) that personal income (PI) increased $107.2 billion (0.5%) in March, according to their estimates. Disposable personal income (DPI) increased $89.7 billion (0.5%). Personal consumption expenditures (PCE) increased $185.0 billion (1.1%).
New $200 Million State-Of-The-Art Sawmill Facility to Be Built in Amite County, Mississippi
Jackson, Mississippi-based CLAW Forestry Services, LLC., announced today (4-28-22) that an affiliate is going to be locating a state-of-the-art sawmill in Gloster, Amite Country, Mississippi. Construction of the new mill is scheduled to begin this summer, with lumber manufacturing starting in late 2023, or early 2024.
B.C. Government to Increase Revenue Sharing with First Nations on Stumpage and B.C. Timber Sales
The B.C. government announced on Wednesday (4-27-22) that it has increased the share of revenue that First Nations receive from forestry in their traditional territories. The share of revenue they currently receive is being increased as part of a longer-term revenue sharing model being co-developed by the province and First Nations.
Canada Mortgage and Housing Corporation Releases 2022 Housing Market Outlook Report
The CMHC is expecting that the number of home sales and the pace of price growth will remain elevated in 2022, compared to long running averages, but will moderate from their recent peak in 2021. The CMHC expects that the current trend will continue into 2024, as the housing market continue to reflect the impact of higher mortgage rates.
Bureau of Economic Analysis Reports in Its “Advance” Estimate That Real GDP in Q1 2022 Decreased at an Annual Rate of -1.4%
The Bureau of Economic Analysis (BEA) released today (4-28-22) its “advance” estimate for real gross domestic product (GDP) in Q1 of 2022. According to the report, GDP decreased at an annual rate of -1.4%, following an increase of 6.9% in Q4 of 2021.
Mortgage Rates: 30-Year Ticks Down, 15-Year Ticks Up in the Week Ending April 28, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 28, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.10% with an average 0.8 point, down from last week when it averaged 5.11%. A year ago, at this time, the 30-year FRM averaged 2.98%.
Weekly Jobless Claims Move Lower in the Week Ending April 23, 2022
The U.S. Department of Labor is reporting that an additional 180,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, April 23, 2022. This is a decrease of 5,000 from the previous week’s revised level. The 4-week moving average was 179,750.