My question is whether paying more down payment will help me get the best rate?

Great question. Interest rates are calculated by a few different criteria:1) credit score2) LTV (loan-to-value), such as 80% LTV (putting 20% down)3) if you have your taxes and insurance included with your payment4) owner occupied or investment propertyWith the above criteria putting more than 20% down will only impact your interest rate a very small amount. I hope this helps.

Once you hit the 20% down payment mark, you are in good shape. As long as the property is a SFR and you will occupy it, you will get the best rates available as long as your score is above 660. Keep in mind that mortgage insurance is required on all FHA loans and conventional loans with less than 20% down. So if you had more than 20% down, you can look at how you would like to use your money to your advantage. IE. paying more down, lowers your payment, but lowers your cash on hand...Good Luck