Thank you geno, but this was incorrect. Sorry!!!!!!
$$The point $(x,y)$ satisfies $x < y$ if and only if it belongs to the shaded triangle bounded by the lines $x=y$, $y=1$, and $x=0$, the area of which is 1/2. The ratio of the area of the triangle to the area of the rectangle is $\frac{1/2}{4} = \boxed{\frac{1}{8}}$.
[asy]
draw((-1,0)--(5,0),Arrow);
draw((0,-1)--(0,2),Arrow);
for (int i=1; i<5; ++i) {
draw((i,-0.3)--(i,0.3));
}
fill((0,0)--(0,1)--(1,1)--cycle,gray(0.7));
draw((-0.3,1)--(0.3,1));
draw((4,0)--(4,1)--(0,1),linewidth(0.7));
draw((-0.5,-0.5)--(1.8,1.8),dashed);
[/asy]$$
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