The Conference Board, which was founded in 1916 as a non-partisan, not-for-profit think tank, released today (8-19-21) their July 2021 Leading Economic Index® (LEI) for the U.S. According to the release, the LEI (which is based on ten separate components) increased by 0.9% in July to 116.0 (2016 = 100), following a 0.5% increase in June and a 1.2% increase in May.
Wood Markets News
30-Year Mortgage Rates Adjusts Slightly Lower in the Week Ending August 19, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 19, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.86% with an average 0.7 point, down slightly from last week when it averaged 2.87%. A year ago, at this time, the 30-year FRM averaged 2.99%.
Fannie Mae Lowers GDP Expectations for Q4/Q4 to 6.3% from 7.0%
The Federal National Mortgage Association, commonly known as Fannie Mae, today (8-19-21) revised their forecast for 2021 real gross domestic product (GDP) lower, from 7.0% to 6.3% on a Q4/Q4 basis, with a partial offsetting upgrade to the 2022 expected growth rate to 3.2% from 2.8%.
Weekly Jobless Claims Continued to Decline in the Week Ending August 14, 2021
The U.S. Department of Labor is reporting that an additional 348,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, August 14, 2021. This is a decrease of 29,000 from the previous week’s revised level and the lowest level for initial claims since March 14, 2020, when it was 256,000.
Housing Starts Trend Lower in July; Permits and Completions Increase
The U.S. Census Bureau has reported that privately‐owned housing starts in July were at a seasonally adjusted annual rate (SAAR) of 1,534,000. This is -7.0% below the revised June rate of 1,650,000 but is 2.5% above the July 2020 rate of 1,497,000.
Rain, Cooler Temperatures, and High Humidity Levels Offer Short-Term Relief to B.C. Wildfire Firefighters
The Canadian Broadcasting Company (CBC) is reporting today (8-18-21) that a significant increase in fire activity over the weekend caused by gusting winds created challenging conditions for firefighters. However, rain, cooler temperatures, and relatively high humidity levels in parts of B.C.’s Interior has diminished fire behavior in the short term, but the amount of rain received in many areas wasn’t enough to have any lasting effect on the fires, as deep layers in the ground are still dry.
Canadian Consumer Price Index Increases Month-Over-Month and Year-Over-Year
Statistics Canada (StatsCan) reported today (8-18-21) that the Canadian Consumer Price Index (CPI) increased 3.7% on a year-over-year basis in July, up from a 3.1% rise in June. Excluding gasoline, the CPI rose 2.8% year-over-year.
Toronto and Region Conservation Authority’s New Headquarters to “Set the Standard” for Sustainable Commercial Building Design
The construction of the Toronto and Region Conservation Authority’s (TCRA) new $65 million (CAD) headquarters, a structure that is being made almost entirely of wood, is well underway. The mid-rise office building is begin touted as one of North America’s most sustainable buildings.
Mortgage Applications Decline in the Week Ending August 13, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending August 13, 2021, the Market Composite Index (a measure of mortgage loan application volume) decreased -3.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -4% compared with the previous week.
Canadian Home Sales Decline for Fourth Consecutive Month in July, Falling -15.2% Year-Over-Year
The Canadian Real Estate Association (CREA) reported on Monday (8-16-21) that national home sales in Canada were down -3.5% on a month-over-month basis in July 2021. This marks the smallest of four consecutive declines since March. Year-over-year (not seasonally adjusted) sales activity declined -15.2%.