Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 17, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.92% with an average 0.8 point, up from last week when it averaged 3.69%. A year ago at this time, the 30-year FRM averaged 2.81%.
Wood Markets News
Weekly Jobless Claims Increase in the Week Ending February 12, 2022
The U.S. Department of Labor is reporting that an additional 248,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, February 12, 2022. This is an increase of 23,000 from the previous week’s revised level. The 4-week moving average was 243,250.
Western Forest Products to Resume Production at Chemainus, B.C. Sawmill on February 22, 2022
Western Forest Products (WFP) announced today (2-16-22) that it intends to restart production at their Chemainus, B.C. sawmill operation on Tuesday, February 22, 2022. Production was temporarily halted on February 2, 2022, as weather and harvest conditions contributed to the temporary log shortage.
Canfor to Reduce Production Capacity at Plateau Sawmill by 150 Million Board Feet
Canfor Corporation announced on Tuesday (2-15-22) the permanent reduction of 150 million board feet of production capacity at its Plateau Sawmill to resize the facility and align it with the available, sustainable timber supply in the region following the devastating impacts of the Mountain Pine Beetle infestation and other constraints on the timber harvesting land base.
Led by Lumber, Costs of Residential Construction Products Continued to Rise in January
A closer examination of the Bureau of Labor Statistics’ Producer Price Index (PPI) report, released on Tuesday (2-15-22), with analysis provided by the National Association of Home Builders, reveals that the price of products used in residential construction in January, less energy, increased 3.6% (not seasonally adjusted).
Canadian Home Sales Edge Higher Month-Over-Month but Remain Down Year-Over-Year in January
According to statistics released on Wednesday (2-16-22) by the Canadian Real Estate Association (CREA), home sales recorded over Canadian MLS® Systems edged up 1% between December 2021 and January 2022. CREA is reporting that activity has been generally stable now for four months, running in between the record-highs of last spring and the slowdown posted last summer.
Canadian Consumer Price Index Up 0.9% in January; Inflation Rises 5.1% Year-Over-Year
Statistics Canada (StatsCan) reported today (2-16-22) that Canadian inflation in January 2022 surpassed 5% for the first time since September 1991, rising 5.1% on a year-over-year basis and up from a 4.8% gain in December 2021. The Canadian Consumer Price Index (CPI) increased 1.0% on an annual average basis in January 2022. On a monthly basis, the CPI rose 0.9% in January.
Mortgage Applications Decline for Second Consecutive Week in the Week Ending February 11, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending February 11, 2022, the Market Composite Index—a measure of mortgage loan application volume—decreased -5.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined -3.0% compared with the previous week.
Home Builder Sentiment Slips Again in February
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported on Wednesday (2-16-22) that builder sentiment in the market for newly built single-family homes edged 1-point lower in February to a reading of 82. This marks the second consecutive month the HMI has slipped 1-point lower.
Fire at EACOM Lumber Operation in Timmins, Ontario Interrupts Production
Timmins Ontario firefighters were called out at 4:30 AM on Monday (2-14-22), in -31 degrees temperature, to battle a blaze at the EACOM lumber operations planner mill. Arriving on the scene, firefighters encountered smoke and flames coming from the roof tops of two buildings.