Raw latency is down to your audio interface and its driver software, make sure
Reaper is using the ASIO drivers of your interface as mentioned above. Also become familiar with the "
performance monitor" in Reaper, which displays the CPU use and the latency of the FX you have running on each track. Some FX (like Reaverb) can be forced into Zero latency modes that you can use while tracking if your CPU can keep up. And you will probably want to switch off master bus FX while recording as well.
Tracks that are sucking up resources can be rendered/frozen so you can still hear them when recording.
I am still new to Reaper, but have found latency issues are one of it's strengths compared to another more commercial DAW I have used. I like to track though the DAW rather than using direct monitoring and can work as low as 2ms on my budget interface and 4yo computer. I find anything below about 6ms is responsive enough.
P.S.
What I mean by "Raw latency" is what you set your audio interface "buffer size" to. You should be able to access that from Reaper as described above. Some audio interfaces will speak in ms and others in samples. If you are recording at 48kHz then 48 samples = 1ms. Your audio interface needs a "buffer" to organise itself before converting to analogue and you want that buffer to be as small as possible because that is the raw latency. However, the smaller the buffer is the harder your system has to work to deliver everything on time. So you have to make it as small as you can before the sound starts to "crackle", which is the sound you will get when your system can't keep up.
THEN you have to remember that if you have set your latency to 2ms, and then you start bunging in FX plugins that demand 4ms to do whatever it is they do, then that will be added to the overall latency. Also, the more demand you put on the CPU, the harder it will find to make the 2ms deadline you have set, so you may need to juggle your priorities about what you want done, and the size off the buffer (which is the case for any Digital recording system).