[A person]

My wife and I are buying a house. We're trying to decide whether or not it would be beneficial to make a down payment to lower our monthly payments, or if we should just keep our cash and use it to make the improvements that we have planned for the house. Our rate is 5.375% and we will have no PMI. We've determined that after closing costs, we'll only be able to make a down payment of around 5%, which would lower our monthly payment by about 5%.Also important to note is that we are probably going to keep this house for less than five years, assuming that home prices don't fall drastically.Obviously, if rates were higher, like in the sevens, it would make more of a difference in the monthly payments. However, as rates get lower, at what point does it no longer make sense to make a down payment?