Many conjectures may be conceived on this evident phenomenon.
- One might think it is due by leaking of low-frequency components that are out-of-band and feature a large amplitude. However, selectivity and attenuation of the IF filter are enough to filter out such components.
- In reality it is caused by leakage of the Local Oscillator into the IF signal path: if you measure a low frequency, this is converted by the mixer to a signal whose frequency is close the the LO one, from which the false reading of higher-than-expected amplitude. [taken from my book "RF and Microwave Measurements", sec. 9.2.6]
From a wider perspective there are other phenomena that might look similar:
- flicker noise, with 1/f profile;
- snow-drift profile of the FFT/DFT numeric noise.