Colder air cannot handle as much moisture as warmer air. Temperature in relation to humidity is important, especially as we spend 90% of our time indoors. Consider for example a winters day. The outdoor air could have a 100% relative humidity at 41°F, and therefore contain 0.2 grams of water. Indoors however, 41°F would be very uncomfortable, so we would warm it up. When the outdoor air is heated up to 73°F indoors, the absolute amount of water in the air is still the same. But since warmer air can hold more water, the relative humidity goes down to 33%.
On the other hand, warm air can handle more moisture than cooler air. For example, a warm and humid summer with 80% humidity at 86°F, would mean that the outdoor air contained 0.8oz/m3 of water. In our homes, 86°F would be very uncomfortable so many would use air conditioners to cool it down again. If you cool it down to below 78.8°F, the relative humidity level goes to 100% and the water condenses (The dew point). That is why air conditioning systems often have a dehumidifier built-in. Without them, your walls in the home would be soaking wet during the summer.
A 100% relative humidity level would mean that the air is completely saturated with water vapor. Unable to hold any more, it would rain.