Wood Markets News

Interfor Corporation Announces Purchase of 4 Georgia Pacific Sawmills in South and Pacific Northwest

Interfor Corporation announced today, Thursday, May 27, 2021, that it has reached an agreement with Georgia-Pacific Wood Products LLC and GP Wood Products LLC (collectively Georgia-Pacific) to acquire four of its sawmill operations located in Bay Springs, Mississippi, Fayette Alabama, DeQuincy, Louisiana and Philomath, Oregon. The total purchase price of US $375 million, which includes working capital, will be funded entirely from cash on hand.

Pending Homes Sales Index Drops -4.4% in April

The National Association of Realtors® (NAR) has reported their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — declined -4.4% in April 2021 to a reading of 106.2. The PHSI has now declined three out of the past four months.

Mortgage Rates Drop Below 3% in the Week Ending May 27, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 27, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.95% with an average 0.7 point, down from last week when it averaged 3.00%. A year ago, at this time, the 30-year FRM averaged 3.15%.