Gov. Deval Patrick has signed a bill freezing the state’s unemployment insurance rate.

Patrick said freezing the rate will ease pressure on businesses that must pay into the fund, saving them nearly $400 million this year.

Patrick said he hoped the new law, which was approved by the Massachusetts House and Senate, will encourage businesses to hire more workers while also sparking economic growth as the state tries to recover from last year’s recession.

Patrick’s Secretary of Administration and Finance Jay Gonzalez has said without the freeze, business would have to pay on average more than $800 per worker into the fund.

With the freeze, those costs will hold at about $690 per employee. (AP)