Lumber prices fell 6% last week to $532.30 per thousand board feet as mortgage rates reached the highest level in 14 years, Markets Insider reported.
Lumber prices have declined more than 50% so far in 2022 and have remained well below the record-setting $1,700 per thousand board feet in May 2021.
The threat of a rail worker strike also caused lumber prices to jump early last week, but prices stabilized after the strike was avoided.
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