Many (though not all) home buyers in the market today have been shopping for homes for the past three, six or 12 months.  As such, when they encounter today's mortgage interest rate of around 6.25% they find it to be high.  Quite high! 

After all, six months ago, the average 30 year fixed rate mortgage interest rate was 4.25%... and a year ago, the average rate was a touch below 3%.

So, of course, a 6.25% mortgage rate seems high compared to 4.25% or 3%.

But... fast forward a year... if mortgage interest rates have remained around 6% for a full year, will they then stop seeming and feeling high? 

Clearly, a 6.25% mortgage interest rate a year from now will still result in the same mortgage payment as a 6.25% mortgage interest rate does today... but perhaps that payment (and that interest rate) will no longer be viewed in the context of what could have recently been... at 4.25% or 3%.

Of course, I'm hoping mortgage interest rates don't really stay this high (around 6%) for a full year, but if they do, maybe they won't seem quite as high to home buyers a year from now.