Lumber prices fall as mortgage rates hit fresh 13-year high to edge closer to 6%

The price of lumber fell for the first time in more than a week as mortgage rates rose to the highest level since 2008.

After hitting a six-session high of $600 per thousand board feet, prices fell 2.5% to $600 per thousand board feet. lumber fell to a nine-month low as gloomy housing indicators continued to pile up.

Freddie Mac said Thursday that 30-year fixed-rate mortgage rose to 5.81% from 5.78 in the previous week. According to the Wall Street Journal, some firms are getting ready to quote customers on a rate of at least six percent.

Freddie Mac's chief economist said in a statement that fixed mortgage rates have increased since the beginning of the year.

As the Federal Reserve tightens monetary policy, mortgage rates are going up. The benchmark rate increased by 75 basis points last week.

Sales of homes are also slowing. The National Association of Realtors said on Tuesday that sales of existing homes fell in May to the lowest level in more than a year.