The nationwide mortgage delinquency rate in October fell to its lowest level in seven years, according to Black Knight Financial Services' "First Look" at October 2014 Mortgage Data released on Friday.

October's delinquency rate, or the rate of loans that are more than 30 days past due but not in foreclosure, was reported at 5.44 percent, its lowest level since November 2007, according to Black Knight. The delinquency rate in October was a 4.1 percent decrease from September and a 13.4 percent decline from October 2013.

Both foreclosure pre-sale inventory (the number of residential homes in some state of the foreclosure process) and foreclosure starts took big year-over-year tumbles in October, according to Black Knight. Foreclosure pre-sale inventory totaled 1.7 percent in October, a decline of 33.5 percent from the same month a year ago (and a drop of 3.9 percent from September).  Black Knight reported that foreclosure inventory hit its lowest level since February 2008. Foreclosure starts in the U.S. totaled 81,400 for October, a decline of 31.5 percent from October 2013 and a drop of 10.6 percent month-over-month.

The number of non-current loans, which are those that are more than 30 days past due or in foreclosure, also plummeted both month-over-month and year-over-year, according to Black Knight. The number of non-current loans in the U.S. totaled 3.61 million for October, down 154,000 from September and down 810,000 from October a year ago.

October's pre-payment rate, typically an indicator of refinance activity, increased month-over-month for the first time since July up to 0.98 percent, an increase of 3.6 percent from September and 3.9 percent from October 2013, Black Knight reported.