Help with interest rate?

[April Hamm]

Hi!  I just got preapproved from the lender today for my first rental property!  I haven't bought a house since my primary residence in 2007, so this financing part is new to me.  It seems like traditional lending is the cheapest way to go long term, at least at the beginning.  I am putting 25% down and getting 7.731% 30 year fixed.  This is with paying $2000 to buy down the rate.  My credit score is 800, if that's relevant.  The lender said that you pay an extra 1% for a non primary residence.  Can anyone confirm this is true, and is this worth shopping or is this about the going rate at the moment?