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Wednesday, April 06, 2022
Lumber Prices Flirt With Key Level As Mortgage Rates Jump Above 5%
markets.businessinsider.com: Lumber futures are struggling to reclaim a crucial support level as the housing market gets more restrictive for first time home buyers thanks to surging mortgage rates.
Trying to wrap my head around the economics of housing, construction and lumber has been a dizzying process, but I feel like the more I learn, the more upsetting it is. Trying to figure out how this affects my family is really what's been stressing me, considering that my family runs a general contracting business. Oddly enough, housing prices haven't been a stressor for us, since we mainly do interior renovation and commercial projects, but the price of lumber? Yeah that one's been a problem for us. Though I don't really need to mention that considering how much lumber we use in theatre as well. Still, from what I can tell from the article, lumber prices are finally falling and we appear to be crossing the threshold of a housing crisis. Not exactly something I'm looking forward to, especially considering I'm a poor student who needs to pay for housing, but I can at least hope it gets better before I graduate.
This was really interesting. Firstly, I had never considered how closely connected mortgage rates and lumber prices are, but now I feel like a complete idiot because it makes total sense. Lumber is an integral part of housing, and with less loans, less houses being built, etc etc. I wonder if this will affect any other building industries. I also hate to say this but for the moment this benefits us I guess as now lumber is less expensive so it can take up a smaller portion of the budget. I had actually thought lumber prices were at an all time high following covid and that surge hadn’t dropped. In some ways though, I wonder how high lumber prices would affect building a house, or if it would be a significant amount at all. Normally I wouldn't think so, but I also wouldn't think 0.02% would cause a surge.
2 comments:
Trying to wrap my head around the economics of housing, construction and lumber has been a dizzying process, but I feel like the more I learn, the more upsetting it is. Trying to figure out how this affects my family is really what's been stressing me, considering that my family runs a general contracting business. Oddly enough, housing prices haven't been a stressor for us, since we mainly do interior renovation and commercial projects, but the price of lumber? Yeah that one's been a problem for us. Though I don't really need to mention that considering how much lumber we use in theatre as well. Still, from what I can tell from the article, lumber prices are finally falling and we appear to be crossing the threshold of a housing crisis. Not exactly something I'm looking forward to, especially considering I'm a poor student who needs to pay for housing, but I can at least hope it gets better before I graduate.
This was really interesting. Firstly, I had never considered how closely connected mortgage rates and lumber prices are, but now I feel like a complete idiot because it makes total sense. Lumber is an integral part of housing, and with less loans, less houses being built, etc etc. I wonder if this will affect any other building industries. I also hate to say this but for the moment this benefits us I guess as now lumber is less expensive so it can take up a smaller portion of the budget. I had actually thought lumber prices were at an all time high following covid and that surge hadn’t dropped. In some ways though, I wonder how high lumber prices would affect building a house, or if it would be a significant amount at all. Normally I wouldn't think so, but I also wouldn't think 0.02% would cause a surge.
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