Is 5.50% a good investor interest rate?

[Rhondalette W.]

I am purchasing my 2nd rental property "buy and hold" with conventional financing 20% down. I have very good credit score probably around 800 (i think).  Do you think 5.50% is a good interest rate or should I shop around for a lower rate? Can investors get a better rate?

Thank you in advance for your advice.

[Kenneth LaVoie]

It's a great rate if it's locked in. I'm paying 4.32% right now for 25% down / 20 year / locked in for 3 years at a time, 2% pt cap each reset, 6% pt lifetime cap. You say "conventional" which by definition would be 20-30 year locked in, no adjustments. If so, I'd call it a great rate.