I didn't let it sit there long . . . in fact, I killed the burner when it hit 175 . . . but got a slight increase in temperature from there (all depends on where your thermometer reads in the pot, I guess). I let the grains steep about 35 minutes with the burner off, during which time the temp dropped to about 160 (generally, I can control temperature better, but this time I failed).
Honestly, I'm not TOO worried . . . it's not like I boiled the grains . . . and as a few people on here are wont to say: Don't worry, You Made Beer!