Frozen U.S. housing market may soon be showing signs of thawing

(CNN)– Homebuyers in the U.S. may soon get a break from the increased mortgage rates that have been swirling around the housing market for roughly the past two years.

First and foremost, the Federal Reserve is expected to drop interest rates next month.

Also, mortgage financing giant Freddie Mac recently reported the regular 30-year fixed rate mortgage has dropped to a low not seen in over a year.

And new home sales rose more than 10% in July from June, according to the Census Bureau and the Department of Housing and Urban Development.