Lately I have been annoyed by what seemed to be significant FPS drops and stutters. But when I ran FRAPS, I averaged around 45 FPS and those stutters happened around 30 FPS. It turns out that my problem isn't a drop into subpar framerates, but that the difference between the two values makes it seem like there is one. Are there are mods out there right now that are good are capping FPS so that I don't get these microstutters anymore?

There is one called FPS Limiter, funnily enough. Set the FPS limit in its cfg file to the same number as your monitor's refresh rate (usually 60).

Works for me...

If you have an nvidia card you can force an fps cap via the driver control panel or with nvidiainspector.