Possibly, yeah. I'm not really all that well up on the technical side, but this question has come up a few times before and often that's been the answer. Have a search through the old archived Tech Forum; you might find something helpful in there.
I get something similar. I'd describe it more like a knocking/creaking noise though. Sounds like the front suspension or the chassis flexing!
I think this generally gets attributed to the rear shocks.
Raz