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September 19, 2022

Lumber prices fall as US mortgage rates hit 14 year high

Lumber prices fall as US mortgage rates hit 14 year high
North American lumber prices fell Wednesday as US mortgage rates hit the highest level in 14 years, pulling back from an earlier rally amid fears of a possible rail strike.    Data from the Mortgage Bankers Association showed that the rate on a 30-year fixed mortgage jumped to 6.01% for the week ending September 9, up 7 basis points from a week ago.    The latest rate is the highest for a fixed mortgage since 2008, when the US was contending with the Great Recession after the housing bubble popped.   ...

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