US lumber prices fall to 8-month low

USUS lumber prices dipped below $500 per thousand board feet in June, hitting an eight-month low due to a softened demand outlook and persistent high prices, reflecting broader economic trends. Concurrently, 30-year mortgage rates in the United States surged above 7%, presenting a significant barrier for many prospective homebuyers. This increase correlated with a rise in long-dated Treasury yields, driven by concerns about persistent inflation prompting the Fed to maintain higher rates. The spike in mortgage rates coincided with a notable decline in Pending Home Sales in the US, with a significant 7.7 ...