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We've seen 1.7 million absences in december. if this case count stays where they are we are worth 4 million absences for the month of january. the jobs report did not adequately show the true situation for american jobs and what they are not making when they go to work. pete: it could be scary to watch those job numbers come back in the coming months. there is no easy answer. let me show you the fixed rate mortgage, 3.22%, up dramatically, is that what we have to do -- >> interest rates going up raising rates. 3 interest rate hikes for 2022.

For everything. credit cards, mortgages among them. and just consider this, just to give you some scope, you know, context here. right now, the average mortgage rate in the united states is 3.22% for a 30 year. it was 16% the last time inflation was this high, in 1982. that's terrifying. and americans are already seeing all of this eat away at their earnings, right? the price of used cars and trucks, 37% higher than a year ago. gasoline, 49. clothes, up nearly 6%. food costs -- food costs -- up more than 6%. and the fear of further price increases appears to be part of the reason that people a...

Year. moving higher than at any point of all of last year. the 30-year fixed rate mortgage averaged 3.22% in the week ending january 6th. that's up from an average 3.11% the previous week. a year ago the 30 year rate was 2.65. that's a record low. mortgage rates are expected to rise as the economy improves and inflation looms. the trend could make home affordability an even greater challenge especially for lower income byers. higher mortgage rates could mean a less competitive market overall. refinancing over the past year, so these are historically low, very low rates. you can see them tickin...

And now for people who are thinking about refinancing or buying a new home, the mortgage rate has gone up. as of yesterday it was 3.22. this is the highest it's been in two years, right? >> yes, it is. and this really hits hard at first time home buyers. the proportion of first time home buyers, the overall market is really way down there. only about a quarter of the buyers of homes today are first-time buyers. that's very unusual. simply put, they have been priced out of the market. the median price of a sold home at the end of last year was $404,000. that's about 20% higher than it was at th...

Up, and with twice daily feedings, they run through nearly two 50-pound bags a week. >> it was about like $16 a bag, and right now it's at -- it depends on where you go. it's about $22. >> reporter: it's just one of the price pinches for this family in rural michigan. spending power for rural americans has dropped by 5.2% compared to 3.5% for urban americans from pre-pandemic. and rural americans typically spend more on the very items that have seen the biggest price increases -- food, energy, and cars. what are the biggest challenges you face when it comes to inflation? >> i think it's just n...