CBL malls close on Thanksgiving

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.