Shares in local lenders edged slightly up Wednesday after the Mortgage Bankers Association said mortgage application volume increased 5.5 percent for the week ending Nov. 9.

Shares in Calabasas-based lender Countrywide Financial Corp. and Pasadena-based IndyMac Bancorp each gained nearly 5 percent in early trading Wednesday after the MBA reported the mortgage application index rose to 707.3, from 670.6 the previous week.

The trade group said refinance volume increased 6.4 percent for the week, while purchase volume jumped 4.8 percent. Refinance volume accounted for 50 percent of total applications. This is the second-straight week the index has risen.

An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 707.3 means mortgage application activity is 7.07 times as high as it was when the MBA began tracking the data.

The survey is used to provide a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week. The average rate for traditional, 30-year fixed-rate mortgages rose to 6.19 percent from 6.16 percent the previous week.