Will rising interest rates bring any relief to construction cost?

[John Anderson]

Hi all,

For those of you who follow construction cost closely, with inflation continuing to surge I have been reading about home building and renovation slowing down significantly. My question is, with demand shrinking is it possible to get home renovations and additions done at a lower cost? I understand that inflation is still keeping prices very high, but we are no longer in the 2021 world where lumber prices were up 300%. At the same time, I assume that fewer people are willing to refinance or take out a construction loan at 7% versus 3%.

any and all advice would be greatly appreciated. Thank you!