"After our contacts with the UN envoy and his request to stop drone and missile strikes ... we announce our initiative ... to halt missile and drone strikes on the countries of aggression," Mohammed Ali al-Houthi, the head of the group's Supreme Revolutionary Committee, said in a statement.
"[The decision] came to support the UN envoy, to show good faith and support the peace efforts," the statement said.
The Houthis launched missile attacks on Saudi Arabia in retaliation for air raids on Yemen by the Western-backed coalition, which entered Yemen's war in 2015 to try to restore the Saudi-backed government of President Abd-Rabbu Mansour Hadi.
The Saudi-led coalition has carried out thousands of air strikes in the impoverished country that have hit schools, markets and hospitals, killing hundreds of people - though it says it does not target civilians.
Western countries have provided arms and intelligence to the Arab states in the alliance, but have shown increasing reservations about the conflict since the murder of US-based Saudi journalist Jamal Khashoggi at the Saudi consulate in Istanbul early last month.