In development for three years, Sony officially revealed Morpheus at GDC in March, although the device was given only minimal exposure during the company's E3 press conference last month.
However, House told the Guardian that Sony is definitely treating Morpheus as "more than an experiment".
"We've made some commitments; we're putting significant investment into the product," he said.
"We do now think that we can get to this point of delivering a magical sense of presence - where your brain tricks you into thinking you're actually in this place. We think there's something there that could be really, really interesting for a next frontier of game development."
House also said Morpheus was in part inspired by the groundswell of developer support for Oculus Rift "that didn't necessarily have a monetisable or a business option".
But asked about the mass market potential of Sony's VR device, the executive said: "I don't know, but I think that at the very least it's going to be another really interesting advance for the PS4 ecosystem and another way to deliver brand new experiences. That's what we're all about."
PlayStation Worldwide Studios president Shuhei Yoshida said in April that VR is in its infancy and the experiments Sony and Oculus VR are doing are of great benefit to each other and the technology overall.
"We are still really trying to define or discover what works and what's required for the hardware tech," he said. "Our team feels that we're getting closer, but there are certain things that still have to be improved to make a good consumer product.
"The Oculus guys are saying the same thing. Even their DK2 [development kit 2] is pretty good, but still, they see some other areas they still have to work on."