question about refinancing primary home for new investment

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here is my case scenario.  I currently have a 500k 15 year mortgage at 3.125% rate,and was wondering if it was worth it do a cash out refinance and get about 150k in cash, for a 30year at a 5.5% rate.  I would use the cash that i got and use it to invest in a rental property.  Will it be too risky to refinance a house that already has such a good mortgage rate?