The U.S. Department of Labor is reporting that an additional 1.186 million Americans made their initial filing for unemployment benefits during the week ending on Saturday August 1st.
Wood Markets News
Mortgage Rates Hit Another Record Low in Week Ending 6th August 2020
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 6th August 2020.
American Wood Council and International Code Council Jointly Release Publication – Mass Timber Building and the IBC
A new publication entitled Mass Timber Building and the IBC has been jointly released by the American Wood Council (AWC) and International Code Council (ICC).
National Association of Home Builders Seeks Meeting with Commerce Sec. Wilbur Ross in Regards Current Lumber Prices
According to the National Association of Home Builders (NAHB), near record and record high lumber prices, supply chain disruptions, along with U.S. imposed tariffs on Canadian softwood lumber imports are all contributing to price volatility in the marketplace.
ADP Reports National Employment in the Private Sector Increased in July
According to the July ADP National Employment Report®, private sector employment increased by 167,000 jobs from June to July.
Mortgage Loans in Forbearance Decrease for Seventh Week in a Row
The Mortgage Bankers Association’s (MBA) Forbearance and Call Volume Survey for July 26th, reports that the total number of loans now in forbearance decreased by 7 basis points from 7.74% of servicers’ portfolio volume in the prior week to 7.67% as of July 26th, 2020.
Mortgage Applications Decline Week Ending July 31st 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending July 31st, 2020, the Market Composite Index decreased -5.1% on a seasonally adjusted basis from one week earlier.
Unusually Wet Summer in North – Central British Columbia Helps to Keep Wildfire Numbers Low
An unexpectedly wet summer, to date, in the North – Central interior of British Columbia has helped to keep wildfires unusually low.
The Spread Between Mortgage Rates and Treasury Notes Increases in July
The 10-year U.S. Treasury note is traditionally a stand-in measure of the risk-free rate that the U.S. government offers on debt. However, although the 10-year U.S. Treasury note experienced a downward trend in July, dipping below 0.6%, mortgage rate through July failed to decrease proportionately.
Resolute Forest Products Announces Plans to Reopen El Dorado Arkansas Sawmill in Early 2021
In their Q-2 Financial Report, Resolute Forest Products announced that they are moving forward with their plans to reopen the El Dorado Arkansas sawmill, which was closed indefinitely in August 2019, due to slumping lumber prices.