Lumber prices defy the most recent surge in mortgage rates to extend 3-day rally to 10%

• Lumber prices staged a 3-day rally of 10% despite continued headwinds in the housing market.
• The average 30-year mortgage rate closed in on 6% this week, hitting its highest level since 2008.
• Homebuilders continue to see a slow-down in demand, which doesn't bode well for lumber.

Lumber prices broke a three-week losing streak and edged higher on Friday, extending its three-day rally to as much as 10% at $506 per thousand board feet.