Cash out refi rate. Is this a good rate?

My mortgage guy at the bank where I got the 12 months interest only loan for the purchase and the rehab is telling me the best he can do on a cash out refi is %5.625. My credit score is 725 and this is a Fannie Mae loan. Is this a good rate or should I shop around. If its only slightly high (%.25) then I will stick with them because they've been good to me but I'm not looking to get raked for 1% or more.

Thanks,

Brian