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 up in past two weeks
Long-term mortgage rates rose for a second straight week as the average 30-year fixed mortgage rate increased to 3.91 percent, from 3.85 percent a week ago.
Mortgage buyer Freddie Mac says the 15-year home loan, frequently used by homeowners who refinanced their mortgages, also jumped, rising to 3.21 percent, from 3.15 percent.
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.
Sandberg urges release of Russia-linked ads
A top Facebook executive says ads linked to Russia trying to influence the U.S. presidential election should “absolutely” be released to the public, along with information on whom the ads were targeting.
Previously, Facebook declined to make the ads public. While Facebook’s chief operating officer, Sheryl Sandberg, now favors the release, she didn’t say Thursday when the company would do so.
Tesla recalls 11,000 SUVs
Tesla Inc. is recalling 11,000 Model X SUVs worldwide because their rear seats might not lock into place.
The recall involves vehicles with fold-flat second row seats made between Oct. 28, 2016, and Aug. 16, 2017. Tesla believes only about 3 percent of the recalled vehicles have the issue.