There is a 5/16 chance that you have exactly 2 red and 2 black cards.
To start, there are 16 possibilities. 2^4 = 16.
Now, we just need to determine the total number of black cards in each hand. It follows pascal's triangle.
Black Number
0 1
1 4
2 6
3 4
4 1
Looking at the table, we see that there are 6 ways out of the 16 ways to have 2 black cards, thus also having 2 red cards.