"My mortgage went up literally a full percentage point overnight this week," Miller told CBS News correspondent Anthony Mason.
Like many home buyers, he's had a rude awakening.
"I was very shocked, taken aback, a little frustrated," Miller said.
With the 30-years fixed rate jumping more than half a point in the past five weeks, the payment on a median-priced $220,000 home has risen more than $75/month.
That could price more buyers out of an already slumping housing market.
"It means the correction will be more severe. The price declines more significant," said Mark Zandi of Moody's Economy.com. "And I do think in all likelihood the correction will now last longer."
By the time it's over next year, Zandi predicts housing prices will have fallen 10 percent across the country.
"It is a very significant correction the biggest we've seen in the post-World War II period," he said.
Higher interest rates overseas have led to the spike in rates here. It hitting lower-income home buyers hardest, many of whom bought adjustable-rate mortgages that will now increase.
More than 15 percent of those so-called sub-prime loans are not delinquent or in foreclosure.
In Dallas, the EMC Mortgage Group has set up a 50-operator hotline to help the growing number of its half-million clients at risk of losing their homes because they can't make their payments.
"We've seen a 15 percent increase in calls from our customers," said David Little of EMC Mortgage.
Little expects the hotline will be needed for a while.
"I think this period is going to be longer rather than a shorter period, yes," Little said.
In part, analysts say, because higher mortgage rates are here to stay.