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Lumber prices just hit their lowest point in 9 months as mortgage demand sinks

 
DeploraVision ™
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06/09/2022 10:29 AM

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Lumber prices just hit their lowest point in 9 months as mortgage demand sinks
Lumber prices can't catch a break, having dropped another 4% on Wednesday to hit their lowest level in nine months.

The orderly decline in lumber prices, which have declined in nine of the last 11 weeks, comes as mortgage demand for homes falls to its lowest level in 22 years. That weakness has been driven by a swift rise in mortgage rates, which surged above 5% for earlier this year and haven't budged lower.

A traditional 30-year fixed mortgage saw average interest rates rise to 5.4% over the past week, according to the Mortgage Bankers Association. That has translated into a drop-off in demand as the cost to buy a home has risen considerably due to the higher rates.

Lumber prices are down 50% year-to-date and have fallen 67% from their record high reached last May.

[link to markets.businessinsider.com (secure)]
miniparrot captain vaxnurse
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#NotMyPresident #DoNotComply #ARRESTFAUCI #ClotShot
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Rev 16:2
The first angel went and poured out his bowl on the land, and ugly, festering sores broke out on the people who had the mark of the beast and worshiped its image.
ShortStop

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06/09/2022 11:03 AM

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Re: Lumber prices just hit their lowest point in 9 months as mortgage demand sinks
Good news! 2x4x8 southern yellow pine stud has dropped from $4.98 (mid may) to $3.98 at my local Home Depot. Pressure treated GC well stocked now and has come down in price too.
Undertaker
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06/09/2022 11:27 AM
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Re: Lumber prices just hit their lowest point in 9 months as mortgage demand sinks
The upcoming millions of vaccine deaths will push lumber back up because caskets are made from wood.

Don't celebrate yet, lumbertards.

damned
Anonymous Coward
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06/09/2022 11:28 AM
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Re: Lumber prices just hit their lowest point in 9 months as mortgage demand sinks
Lumber prices can't catch a break, having dropped another 4% on Wednesday to hit their lowest level in nine months.

The orderly decline in lumber prices, which have declined in nine of the last 11 weeks, comes as mortgage demand for homes falls to its lowest level in 22 years. That weakness has been driven by a swift rise in mortgage rates, which surged above 5% for earlier this year and haven't budged lower.

A traditional 30-year fixed mortgage saw average interest rates rise to 5.4% over the past week, according to the Mortgage Bankers Association. That has translated into a drop-off in demand as the cost to buy a home has risen considerably due to the higher rates.

Lumber prices are down 50% year-to-date and have fallen 67% from their record high reached last May.

[link to markets.businessinsider.com (secure)]
 Quoting: DeploraVision ™


Honestly the best news I've read since the beginning of the Plandemic
Anonymous Coward
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06/09/2022 11:29 AM
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Re: Lumber prices just hit their lowest point in 9 months as mortgage demand sinks
Good news! 2x4x8 southern yellow pine stud has dropped from $4.98 (mid may) to $3.98 at my local Home Depot. Pressure treated GC well stocked now and has come down in price too.
 Quoting: ShortStop


:fuckina:

I'm getting ready to redo the decks and do some expansion, and have been waiting for the right moment.
This is that moment.

5a
Anonymous Coward
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06/09/2022 11:34 AM
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Re: Lumber prices just hit their lowest point in 9 months as mortgage demand sinks
its still very high
Super Straight Splinterhead

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06/09/2022 11:35 AM
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Re: Lumber prices just hit their lowest point in 9 months as mortgage demand sinks
Good news! 2x4x8 southern yellow pine stud has dropped from $4.98 (mid may) to $3.98 at my local Home Depot. Pressure treated GC well stocked now and has come down in price too.
 Quoting: ShortStop


fuckina

I'm getting ready to redo the decks and do some expansion, and have been waiting for the right moment.
This is that moment.

5a
 Quoting: BrainGuy


By hammer in hand all things to stand,been swinging hammer for over 30 years now,wood is good.fuckyeah5
DeploraVision ™  (OP)
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06/09/2022 05:58 PM

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Re: Lumber prices just hit their lowest point in 9 months as mortgage demand sinks
its still very high
 Quoting: Anonymous Coward 78132832


Lumber doesn't grow on trees


dowager
miniparrot captain vaxnurse
.
#NotMyPresident #DoNotComply #ARRESTFAUCI #ClotShot
.
Rev 16:2
The first angel went and poured out his bowl on the land, and ugly, festering sores broke out on the people who had the mark of the beast and worshiped its image.





GLP