In the official LIGO announcement today they demonstrated a very useful graphic which answers your question.
The graphic was based on general relativity calculations that relate to the signal that was detected by LIGO.
From looking at this graphic, yes, the initial frequency of the wave is related directly the orbit of the two black holes around each other, and the waves propagate out in the formation of a double-armed spiral. However, this picture seems to be complicated when they merge - visually, it is more akin to a stone dropped in a pond, sending a burst of circular ripples out. This is the signal which is referred to as a 'chirp' (but you could call it a 'splash' too, if you liked.)
Important note - what I've said above is based on the official graphic. I have not done any calculations myself.
Here is the time-coded link to the relevant point of the video. Its presented in a very accesible way, I'd recommend giving the whole thing a watch :) - https://youtu.be/aEPIwEJmZyE?t=2150