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Cooling inflation and slower global economic growth prompted mortgage rates to drift down to the lowest levels in a year, Freddie Mac reports.

“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 home buying season,” says Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages with mortgages for the week ending Feb. 14:

• 30-year fixed-rate mortgages: averaged 4.37 percent, with an average 0.4 point, dropping from last week’s 4.41 percent average. A year ago, 30-year rates averaged 4.38 percent.
• 15-year fixed-rate mortgages: averaged 3.81 percent, with an average 0.4 point, falling from last week’s 3.84 percent average. A year ago, 15-year rates averaged 3.84 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.88 percent, with an average 0.3 point, falling from last week’s 3.91 percent average. A year ago, 5-year ARMs averaged 3.63 percent.