Mortgage interest and property taxes are deductible. If your total itemized deductions exceed your standard deduction ($6,100 for a single taxpayer under age 65 for 2013) you get a small tax savings on the excess. For example, if your total deductions are $7,100 and you're in the 25% bracket, you'll save no more than $250. (I don't have MI data handy, but the maximum savings would be much smaller due to much lower income tax rates, probably $50 at most.)
You'll receive a Form 1098 from the mortgage servicing company that shows how much was paid for interest and property taxes in 2013. You can add prepaid interest, aka points, to the amount on the 1098 if it's not stated there but you have proof from your HUD-1 settlement sheet. Alternatively you can amortize points over the life of the loan. You might consider that if you get no benefit from itemizing in the first year (common) but are close to the standard deduction amount.
You can also deduct mortgage insurance premiums, commonly called MIP, as well. If MIP was rolled into the loan or paid as a single payment at closing (common on FHA loans) you must amortize it over 84 months.
With today's low mortgage interest rates it's not unusual to get no tax benefit at all from home ownership.