Lumber prices hover near recent lows as new home construction sinks and mortgage rates jump to highest since 2008

Lumber prices remained near recent lows as construction on new homes fell while mortgage rates jumped. Housing starts dropped 14.4% in May from the prior month to a 1.55 million annualized rate, the lowest in more than a year. The average 30-year fixed-rate mortgage climbed to 5.65% for the week ended June 10, the highest…