Hurricane Danger Subsiding?

It's not even close to being over, but is the hurricane on its way down? WDSU blogs:

9:51 a.m.: Hurricane Katrina Downgraded
Hurricane Katrina has now been downgraded to a Category 3 storm, with top winds of 125 mph. The center of hurricane Katrina was located near latitude 30.2 north, longitude 89.6 west. This position is near the mouth of the Pearl River, about 35 miles east-northeast of New Orleans. -- National Hurricane Center