Shares in local lenders, real estate brokers and homebuilders continued to gain Wednesday after a report showed increased mortgage activity.

Shares in many local companies surged Tuesday afternoon following action by the Fed, which slashed a key interest rate to 4.75 percent for the first time in more than four years sending the Dow Jones Industrial Average up 336 points in the final hours of trading.

Some of the biggest gainers Tuesday continued to gain Wednesday after the Mortgage Bankers Association reported that mortgage application volume increased 2.4 percent for the week ending Sept. 14.

The report also showed that refinance volume increased 4.6 percent, while purchase volume rose 0.9 percent. Also, there was a sharp decline in adjustable-rate mortgages when compared to the same period a year earlier. The riskier mortgages only accounted for 12.6 percent of total loan volume — a year ago, adjustable-rate mortgages accounted for 27 percent of all applications.

Mortgage lender Anworth Mortgage Asset Corp., which gained 15 percent yesterday, continued the streak by adding another 3.3 percent Wednesday to $5.89. Real estate broker CB Richard Ellis, which gained 7.9 percent yesterday, gained another 3.7 percent Wednesday to $25.10. Countrywide Financial Corp. also joined the party, adding to the 3.2 percent gain yesterday with a 6 percent hike today to $21.07.

Fremont General Corp. also added 4.6 percent to its 7.4 percent Tuesday hike, brining it to $5.65, as did lender IndyMac Bancorp Inc., which followed its 2.8 percent boost Tuesday with a 3.4 percent up-tick today, bringing it to $23.95. Homebuilder KB Home was also up 2.4 percent to $29.87, adding to its 5 percent gain yesterday.