Just happened to me a week ago on a RSVP I booked 3 months ago in Eastern Europe. Points needed dropped from 34K a night to 28K. Cash costs for a room seemed to drop a corresponding percentage. Stay is in about 3 weeks from now.

A few days after I rebooked at the lower rate, checked again and the points jumped to 38K. Cash cost also went up, but not by a similar full percentage rise.

Moral to the story, regularly check points bookings right up to your cancel deadline. About one on three bookings of mine since HH eliminated fixed charts I have successfully ratcheted award prices down. Sometimes the savings may be as little as 2,000 points/night though.