FWIW, I talked to my local credit union (First Tech) who I've been with for 20 years and really like and showed them the PenFed page and asked what they could do for me. They sent it off to the corporate folks to look at and came back with an offer of 1.99% (dropped from their normal 2.99%). That was good enough for me, the .5% is worth it for me to stay with them. I've got an excellent credit rating, so I'm sure that helped.
So, if you've got a local bank or CU you really like, it can't hurt to see what accommodations they might make.
So, if you've got a local bank or CU you really like, it can't hurt to see what accommodations they might make.