We present an algorithm which combines non-rigid image-based registration and conventional position sensing to correct probe-pressure-induced registration errors in freehand three-dimensional (3D) ultrasound volumes. The local accuracy of image-based registration enables the accurate freehand acquisition of high resolution (>15 MHz) 3D ultrasound data, opening the way for 3D musculoskeletal examinations. External position sensor readings guarantee the large-scale positional accuracy of the data. Pressure correction is shown to dramatically increase the perceived quality of extended-field-of-view data sets and reslices through volumetric data sets, while quantitative comparisons of multiple in vivo volumes demonstrate the superior precision of the corrected data.