The midi interface is unlikely to be the source of your latency problems.
Do you have a dedicated audio interface, our are you using the on board audio device?
Smaller buffer size = lower latency, but there will be a limit where the device can't maintain stable operation, or you run out of cpu power, and get glitches.
If you have a decicated audio device it will likely have an asio driver. In the reaper audio preferences switch to asio mode, and then see how low you can set the asio buffer size.
If you're using on board sound try WASAPI in exclusive mode, or try ASIO4ALL which is a program that sits between a DAW and the windows audio drivers to simulate having an asio driver.
For WASAPI you set the buffer size using the block size setting in the reaper audio preferences. For ASIO4ALL you set it using the ASIO4ALL control panel, which you access by clicking the asio configuration button in reaper audio prefrences.
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