American drivers have the capacity to handle higher fuel costs. With the economy in good shape, it is tough to believe people will stop driving because of an extra 50 or 75 cents per gallon.
People waiting for rates to fall have been squeezed out of the market. We're not going to see housing sales plummet, but we will see sales moderate.
People are waiting for the shoe to drop. Which shoe it is doesn't matter. They just want it to be done.