As a homeowner your itemized deductions need to exceed the default standard deduction for a married couple ($10,300) before you see a benefit. You probably had Int/St.Taxes/RE Taxes totaling around $16k? (best guess), so the benefit would be a write off of the difference of $5700 (maybe $120/month savings for you?). Schedule E losses (rental property) reduces your top line income regardless of your deductions.
Many first time home buyers think they will get a big tax benefit, but with low starter interest rates and a low income they may not get any benefit at all.
