Lumber prices have defied a cooling housing market to climb 26% in October, but surging mortgage rates will keep a lid on further upside

Lumber prices have rallied 26% so far in October, but further gains may be limited as the housing market slows down.The average 30-year fixed mortgage rate hit 7% in amid the Fed’s ongoing rate hike policy.”At 7% interest rates, I wouldn’t expect lumber to do much for a while,” MaterialsXChange’s Ashley Boeckholt said.AdvertisementLumber prices have…