It might actually be fraying and sticking inside the housing, so maybe a simple lube won't do the trick. (Mine did that right where it passes over the manifold--the heat eventually promoted corrosion.)
There's no way to know until it goes, though, so be prepared to have to go "fully manual" on the choke until you get it replaced. When it happened to me, I'd simply pop the hood, pull the remaining piece of cable with my hand, start it up, then eventually let go. Lots of laughs for the neighbors, but it worked.