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<p>Our Co-Heads of Securitized Product Research Jay Bacow and James Egan discuss the outlook for mortgage rates and the U.S. housing market in 2026.</p><p>Read more <a href="https://www.morganstanley.com/insights?cid=mg-SM_CORP-insights-17607" rel="noopener noreferrer" target="_blank">insights</a> from Morgan Stanley.</p><p><br></p><p>----- Transcript -----</p><p><br></p><p><strong>Jay Bacow:</strong> Jim, why did the cranberry turn red? </p><p><strong>James Egan:</strong> Please enlighten me. </p><p><strong>Jay Bacow:</strong> Because it saw the turkey dressing.<strong> </strong></p><p><strong>Jay Bacow:</strong> I hope everybody had a good Thanksgiving. Welcome to Thoughts on the Market. I'm Jay Bacow, Co-Head of Securitized Products Research at Morgan Stanley. </p><p><strong>James Egan:</strong> And I'm Jim Egan, the other Co-Head of Securitized Products Research at Morgan Stanley. </p><p>Today we're here to talk about our ...