Lumber prices fell 30% as high mortgage rates subdued the US housing market

Posted on February 16, 2022   |  

• The lumber traded limit fell 5% and the basic building material hit a high of $1,338 per thousand board feet before trading to a low of $934.
• The average 30-year fixed mortgage rate jumped to 50 points to 3.55% in late January 
• The housing market already felt the effects of rising mortgage rates as the US pending home sales fell 3.8% month-over-month in December and were down 6.9% year-over-year.