Mortgage rates have fallen to their lowest level in a year, according to the latest Freddie Mac Primary Mortgage Market Survey.

For the week ending February 14, the average rate on a 30-year fixed mortgage was 4.37 percent. That’s down from the week before, when it averaged 4.41 percent. Last year, 30-year rates were 4.38 percent.

Rates for 15-year fixed mortgages averaged 3.81 percent for the week. The week before, the average rate was 3.84 percent, the same as it was a year ago.

The average rate for 5-year adjustable rate mortgages was 3.88 percent, a decrease from 3.91 percent the week before. A year ago at this time, 5-year ARMs averaged 3.63 percent.

“The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year,” said Sam Khater, Freddie Mac’s chief economist.
“While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring homebuying season.”