Rates down again

Mortgages rates dipped again this week, even as the S&P 500 Index and the Dow Jones remained at record highs. This comes just a day after the Federal Reserve announced it would begin to taper off its stimulus program this summer and end it all together later this year. Average rates on a 30-year fixed were posted at 3.54, down from 3.57 last week and 3.98 this time last year.

Application rates stayed mostly flat this week, coming up only the seasonally adjusted 1 percent.