RE:US home sales take a diveMouserman....suspect that you know all this but others here might not...
One thing to remember is that in the US, most people with existing homes are sitting on a 30 year fixed rate mortgage at very low interest rates. So the higher rates really only affect new home buyers and those that need to sell their home and purchase a new one. In this situation, this is highly unlikely to impact the major US banks that FTN holds in any significant way.
This situation, of course is very different than in Canada where the vast majority of people have either already refinanced at higher interest rates or will have to do so sooner or later over the next year or so. This will have more of an effect on Canadian banks than their US counterparts.