Both Fannie Mae and Freddie Mac report that the rate of serious mortgage delinquency — that is, the percentage of loans 90 or more days past due — continues to drop.

The latest figures (for October) show that about two and a half percent of mortgages are at least three months behind (2.48 percent according to Fannie; 2.58 percent according to Freddie).

That’s still well above the typical serious delinquency rate of less than one percent, but it has been improving — it’s now at its lowest level since December 2008.

This chart, courtesy of Calculated Risk, makes it pretty clear (click to enlarge):