Should I shop more? Do refi 1.5 points make sense?

[Jennifer Rado]

Hi Everyone,

Would really appreciate your input on this.  

For a $360K, 2 fam investment 30 year conventional refinancing (excellent credit, LTV 75%), I got quoted for the below today 11/19/2020:

2.875%, 1.5 points, other closing cost $4000

Lender said that the no point options would not make sense as the rate would be 3.5%.

What do you think? Should I shop more?

[Nicholas Covington]

Seems about right due to it being an investment AND a 2-unit. Those are two hits on pricing. What state?