You need to consider a number of things before you ultimately settle on a loan:

1. How long are you going to keep the loan? If you're going to sell out soon, you may save money by going with an adjustable or balloon loan. If you plan to keep the house longer, you should look at fixed rate loans.
2. Do you know what the differences are between rates and points? Points are prepaid interest and are tax deductible; a point is equal to one percent of the loan. That means one point of $150,000 is $1500. Extra points gives you a lower rate.
3. Be sure you compare a lot of different loan programs, and do your math on them. There are hundreds of loan programs with fixed and adjustable rates, and the only way to determine which one is best for you is by looking at lots of different programs. You may be able to get some help from an experienced loan officer who's familiar with many different programs. If you do, ask lots of questions.