Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 8, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.90% with an average 0.6 point, down from last week when it averaged 2.98%. A year ago, at this time, the 30-year FRM averaged 3.03%.
Wood Markets News
Weekly Jobless Claims Decline in the Week Ending July 3, 2021
The U.S. Department of Labor is reporting that an additional 373,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, July 3, 2021. This is an increase of 2,000 from the previous week’s revised level. The 4-week moving average was 394,500, a decrease of 250 from the previous week’s revised average.
Bark Beetle Infestation and Drought Creates Dangerous Wildfire Conditions in California Forested Lands
The bark beetle infestation that destroyed large portions of forest in the southern Sierra Nevada’s has moved into the North State, killing millions of trees and adding fuel to an already dangerous wildfire season. And according to the U.S. Forest Service, the federal agency responsible for managing much of California’s forested lands, it is a problem that won’t be going away anytime soon.
Despite a Hot Housing Market Job Openings in the Construction Sector Decline in May
A deeper dive into the Bureau of Labor Statistics (BLS) May Job Openings and Labor Turnover Survey (JOLTS), provided by the National Association of Home Builders (NAHB), with a look specifically on the construction sector, reveals that the number of open construction jobs decline in May to 299,000 unfiled positions.
Job Opening and Labor Turnover Survey for May 2021
The U.S. Bureau of Labor Statistics (BLS) today (7-7-21) reported its Job Opening and Labor Turnover Survey (JOLTS) for May 2021. According to the JOLTS report, as of the last business day in May, the number and rate of job openings was little changed at 9.2 million.
Mortgage Applications Drop for Second Week in a Row Down -1.8% in the Week Ending July 2nd, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending July 2nd , 2021, the Market Composite Index , a measure of mortgage loan application volume decreased -1.8% percent on a seasonally adjusted basis from one week earlier.
Shares of Mortgages in Forbearance Decline for 18th Week in a Row, in the Week Ending June 27th, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 4 basis points from 3.91% of servicers’ portfolio volume in the prior week to 3.87% as of June 27, 2021.
Kristi Corporation to Invest in New Log Load and Fumigation Facility in Suffolk Virginia
Kristi Corporation, an exporter of a variety of logs, lumber and biomass from North America to over 40 countries worldwide, has announced it will be investing $1.1 million to set up a log load and fumigation facility in Suffolk, Virginia.
Brazilian Exports of Wood-Based Products Increased 76% Year-Over-Year in May 2021
According to the International Tropical Timber Organization (ITTO) the value of Brazilian exports of wood-based products (except pulp and paper) increased 76% in value year-over-year from US$235.5 million, in May 2020, to US$414.8 million in May 2021.
Canadian Consumer Confidence Hits New Record High in Latest Bloomberg Nanos Research Group Polling
According to the latest Nanos Research Group polling, conducted on behalf of Bloomberg News, Canadian consumer sentiment reached a new record high in the week ending July 2nd, 2021. The Bloomberg Nanos Canadian Confidence Index jumped to 66.4 last week, the highest reading since surveys began in 2008.