4-plex Investment Property Cash-out Refi - CRAZY LOAN RATES?!

[Omid Akhavan]

I am trying to shop for a loan to cash-out refinance my 4-unit investment property with a $1.1M traditional Fannie/Freddie loan and I'm in a "high cost" area (appraisal will be at ~$1.6M). 

I just got quoted a crazy rate and am trying to reconcile. Can anyone help?

January 15th, I was quoted 3.125% with 2.7 pts. 

March 15th, I was quoted 3.875% with 6.5 pts

I was finishing up renovations and had some delays which is why I couldn't refinance in Jan. 
Has anyone else seen this crazy hike? Any ideas of where I can find cheaper financing? I'm planning to hold long-term as a rental.