(WHTM) — Every week lately, mortgage rates have been creeping up and are now above 6%.

It doesn’t sound like a lot until you learn how much more you might have to pay every month.

House hunting? You may need to look at a smaller house if you have not already locked in a mortgage rate. A 30-year mortgage is now above 6%, 7% in some areas, the first time it’s been that high in 14 years.

But back in the day, home prices were much cheaper. Now, the average house price is almost $400,000.

A new report from Time and Next Advisor says to watch your monthly rate. It said that one year ago, with mortgage rates at 3%, your monthly payment would have been $1,350 for that home. Now at 5%, you will pay $1,900 a month, another $550 a month for the exact same house, which is a 30% increase.

From the doesn’t that stink file, the fact that home prices have not dropped, even though that usually happens when rates ride.

Why?

There is very little inventory and very few people putting their homes on the market right now since they are comfortably locked into low mortgage rates. Your best bet may be an adjustable rate, hoping for lower rates in a year or two.

A locked-in 30-year mortgage at 6% may not be the best deal right now, so look at alternatives so you don’t waste your money.