US Mortgages Rates

How much of the conversation revolving around whether the neutral Fed funds rate is permanently higher, whether neutral monthly payrolls growth is 2x higher than previously thought, whether 2s 10s inversion means anything anymore, would all be negated if this chart looked different?

If most U.S. mortgages had a 6% interest rate, rather than a sub 3% interest rate, would we be questioning all of those above variables?