Refi Mortgage Advice (am I getting ripped off)

[Account Closed]

Hey BP!

I am trying to do a cash out refi on a property (first time) and need advice, It seems like the interest rate is unreasonably high. I was expecting for it to be about .25 - .5 higher than current industry average

DTI: Very low, only own 1 other rental with about 75k in equity (owe 50k)
credit score: 730-750 depending on agency

owed: 45,100
rate offered: 5.5%
loan amount: 75,000
Appraised value: 105,000

closing costs: 7,721
cash out: 22,279

Any insight or guidance would be really appreciated, Thank you all in advance