That sounds like a V-sync issue to me. V-sync ensures that the frame rate exactly coincides with your monitors refresh rate (to avoid drawing a frame part-way through a screen refresh).
For example, with v-synch enabled, if your monitor is running at 60hz, then the fps will never be higher than 60fps (the graphics driver will intentionally cause a slow down to stop it going faster than 60).
If the frame rate drops below 60fps (1 frame for each screen refresh), then the driver will intentionally cause a slow down to limit the frame rate to half of 60hz, which is 30fps (1 frame every 2 screen refreshes). If the frame rate drops below 30fps, then the driver will limit it to 15fps (1 frame every 4 screen refreshes), etc...
I don't think Horde3D currently has a function to turn V-sync on or off, but you can usually force it on and off (for testing) in the advanced section of your display properties control panel.
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