Mortgage applications jump 11%

Near record low interest rates spur demand for home loans.

U.S. mortgage applications rose for the first time in three weeks as near record-low interest rates spurred demand for home refinancing and purchase loans, data from an industry group showed on Wednesday.The jump in demand came several weeks after the unveiling of the strongest government action yet to aid homeowners since the housing market's meltdown began and may help gauge what is in store this spring, the peak home-buying season.

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First-time home buyers can claim $8,000 credit on 2008 tax return

First-time home buyers who have closed their deals since Jan. 1 can get a jump-start on a tax credit worth up to $8,000 by claiming it on their 2008 income tax returns, the Internal Revenue Service announced recently. The tax credit is part of the $787 billion stimulus package President Barack Obama signed Feb. 17. The law defines a first-time buyer as someone who has not owned a home in at least three years before the date of purchase.