The awards address the current economic
climate by featuring an editors' choice award for beating high
mortgage rates.
WASHINGTON, June 27,
2023 /PRNewswire/ -- U.S. News & World
Report, the global authority in rankings and consumer advice, today
announced the winners of its first-ever Banking, Investing
Platforms and Lender Awards. The winners for the 2023-2024 awards
were recognized across seven categories, with PenFed Credit Union
securing this year's Editors' Choice Award: Best Lender for Beating
High Mortgage Rates.
The housing market has experienced incredible turmoil over the
past two years as mortgage rates have soared from below 3% to over
7%. PenFed Credit Union won the Editors' Choice Award with high
scores among the top-rated lenders for affordability.
"Today's homebuyers are contending with an affordability crisis
fueled by high interest rates and unyielding home prices, so it's
important to find a mortgage lender that can provide some financial
relief," said Erika
Giovanetti, loans expert and reporter at U.S. News.
"PenFed offers competitive rates, a 60-day rate lock and up to
$1,500 in closing credits, making it
a good choice for overcoming high housing costs."
U.S. News' new awards come as rising interest rates, inflation
and a generally unpredictable investing market continue to impact
the financial lives of consumers. The awards highlight trusted
resources to help consumers identify the financial institutions
most likely to meet their needs.
The 2023-2024 U.S. News Banking, Investment
Platforms & Lender Awards Winners:
- Editors' Choice: Best Lender for Beating High Mortgage
Rates – PenFed Credit Union
- Best Mortgage Lender – AmeriSave
- Best Mortgage Refinancing Lender – New American
Funding
- Best Private Student Loan Lender – Earnest
- Best Private Student Loan Refinancing Lender – Laurel
Road
- Best Personal Loan Lender – Discover
- Best Debt Consolidation Loan Lender – SoFi
- Best Checking Account – Axos Bank Rewards Checking
- Best Savings Account – Bask Bank Interest Savings
Account
- Best CD Account – Barclays Bank 12-month CD
- Best Investing Platform – Charles Schwab
- Best Investing Platform for Beginners – Fidelity
Investments
U.S. News determined the winning institutions using
comprehensive, data-driven methodologies including factors specific
to their respective categories: annual percentage yield, ATM
availability, customer complaints and more for banking; useability,
product and account offerings, customer support and fees for
investing platforms; and affordability, eligibility and customer
service for lenders. For more information, read the methodologies
for Banking, Investing Platforms and Lender HYPERLINK
"https://money.usnews.com/loans/methodology"s.
U.S. News also publishes in-depth personal finance, investing
and loans content to help consumers make the best money-related
decisions for them. Consumers can find advice about banking, loans
and much more.
Media Contact: Santierra Hutson, shutson@usnews.com,
202-955-2119.
About U.S. News & World Report
U.S. News & World Report is the global leader in quality
rankings that empower consumers, business leaders and policy
officials to make better, more informed decisions about important
issues affecting their lives and communities. A multifaceted
digital media company with Education, Health, Money, Travel, Cars,
News, Real Estate, Careers and 360 Reviews platforms, U.S. News
provides rankings, independent reporting, data journalism, consumer
advice and U.S. News Live events. More than 40 million people visit
USNews.com each month for research and guidance. Founded in 1933,
U.S. News is headquartered in Washington,
D.C.
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SOURCE U.S. News & World Report, L.P.