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U.S. lumber prices grew by 10% due to high mortgage rates, recovering from a 3-week low
Posted on September 19, 2022 |
- Lumber prices grew by 10% to $506 per thousand board feet, recovering from a 3-week low due to a surge in mortgage rates, which is the highest level in over a decade.
- The average 30-year fixed mortgage rate soared to 5.89% this week, which is the highest level since 2008, amid the housing market collapse.
- These high mortgage rates are decreasing demand in the housing market, which led to lower demand for lumber as well.