Real estate stocks slid at Wednesday’s market open, weighed down by the latest disappointing data on housing starts and a spike in mortgage rates, darkening the outlook for the sector. By 9:00 a.m. EST, the Real Estate Select Sector SPDR Fund (NYSE:XLRE) had dropped by 0.3%. This marked its fourth consecutive day of losses and set a course for its lowest close since the end of November 2023. The fund has also slipped below its 200-day moving average, a critical long-term benchmark, signaling that investor sentiment has turned negative. The average interest rate for 30-year fixed-rate mortgages with loan balances up to $766,550 climbed by 12 basis points to 7.13% for the week ending Apr. 12, 2024, according to the latest figures from the Mortgage Bankers Association. This rate is the highest recorded since early December. On Wednesday, the yield on a 30-year Treasury bond, a key benchmark for long-term mortgage rates, traded at 4.75%, at the highest since mid-November 2023, as Fed Chair Powell admitted that there has been a lack of progress in the disinflation trend. Read also: Powell Delays Fed Rate Cuts, Says ‘We Need Greater Confidence In Inflation’: 2-Year Yields Spike To 5% Chart: Real Estate ...