CBL malls close on Thanks­giv­ing

Chattanooga Times Free Press - - BUSINESS -

CBL Prop­er­ties will close its cen­ters on Thanks­giv­ing Day as it did last year and then re­open at 6 a.m. on Nov. 24, which is Black Fri­day.

“The sup­port that we re­ceived last year when we made this de­ci­sion was over­whelm­ingly pos­i­tive,” said Stephen Le­bovitz, CBL’s chief ex­ec­u­tive, in a state­ment. “It is based on this feed­back from our re­tail part­ners, em­ploy­ees of CBL and re­tail­ers at our prop­er­ties, as well as the cus­tomers in our mar­kets that we made the de­ci­sion to again close our cen­ters on Thanks­giv­ing Day.”

De­part­ment stores, movie the­aters, restau­rants, and re­tail­ers with ex­te­rior mall en­trances will have the op­tion to open their stores on Thurs­day. How­ever, ac­cess to mall com­mon ar­eas will be re­stricted un­til 6 a.m. on Fri­day. Pa­trons should check their lo­cal cen­ter’s web­site for more spe­cific in­for­ma­tion, ac­cord­ing to CBL.

Chat­tanooga-based CBL op­er­ates Hamil­ton Place and North­gate malls in the city and other cen­ters na­tion­wide.

Mort­gage rates have picked up a bit in the past month. The av­er­age 30-year rate fell to 3.78 per­cent in early Septem­ber, its low­est level this year.

Rates on home loans typ­i­cally track the yield on 10-year Trea­sury notes, which have in­creased in re­cent weeks. Fed­eral Re­serve pol­i­cy­mak­ers in­di­cated in a meet­ing last month that they are likely to raise short-term rates for the third time this year in De­cem­ber, a move that can also lift longer-term rates.

To cal­cu­late av­er­age mort­gage rates, Fred­die Mac sur­veys len­ders across the coun­try be­tween Mon­day and Wed­nes­day each week. The av­er­age doesn’t in­clude ex­tra fees, known as points, which most bor­row­ers must pay to get the low­est rates. One point equals 1 per­cent of the loan amount.

The av­er­age fee for a 30-year mort­gage was un­changed from last week at 0.5 point. The fee on 15-year loans also re­mained at 0.5 point.

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