Intermediate ARM prices got you down? This came from Fannie's trading desk: "In the last week, we've seen (prices) on ARMs collapse relative to their fixed-rate counterparts.... the rate on a 5/1 Hybrid had been running at 1% or more below the 30yr fixed rate, but over the past week, that spread has collapsed to 0.125% or even flat to 30yr fixed...Large supply and overall deleveraging by accounts appear to be the culprits of this underperformance of ARMs."