From my personal experiences, that is about normal, my Merc manual for my 89 200 hp shows 12 psi at WOT. I have seen some that will go to about 22psi. If you don't have a manual, call a local Merc shop and ask them what it should, different motors have different specs. Evinrudes have always had higher water pressures.

If you the water pump has not been done in the last 2-3 yrs, that definately would be 1st place to start, along with the thermostats.