Why is my iPhone 5 screen glitching up and freezing? iOS 7.0.3

I bought an iPhone 5 brand new as my phone with Sprint at the beginning of September this year (so it is just over 2 months old). I have never had an iPhone before so I updated to iOS 7 basically as soon as it came out and didn't really have any troubles with it. I waited to update it again and got iOS 7.0.3. and I think the glitching MAY have come along with it.

When it first started, I would be using my phone and scrolling down the page but then the pixels will discolor in a vertical line pattern and I can still see what is on the screen. I would press the center button and it would go back to the screen and I woul wait for the pixels to return to normal. Now, however, it is getting more severe and there are random patterns of vertical lines and the screen will gradually go to white and freeze up. Then, when the backlight automatically goes off and I press the top button, then it will backlight a black screen and I can't do anything. When I tried to take a screen shot, the photos came out clearly without any issues.

I got really worried because tonight it stayed like that for about 10 minutes and when I plugged the charger into the phone, it didn't do anything.

Here are some photos that show the problems I am having:

This was when I opened a pin on the pinterest app. (I apologize for the quality of the photos, they were taken on my old mac)

This was after I opened the app store. You can see the line issues, discoloration, and distortion of the top menu.

In the last photo you can pick up the discoloration around the flower and horizontal discoloration of lines.

I have had my phone in an Otterbox the entire time that I have owned it and have not dropped it or had any water issues (dropping it in water, spilling water on it)

What is going on with my phone? I am very worried and would not want this mess to prevent me from receiving a phone call or text. Please help!
Thank you,
Erika