Very Regular Rubberbanding

So simply put, the first few days of the game all ran fine. Then with the most recent patch I am now plagued with nonstop rubberbanding while in game. Friends will identify my character either standing still or running in place while on my end I am still moving around. While in the midst of such a rubberbanding I can follow people who don’t see me, I get no aggro from animals ( because they also cannot see me), I can craft and build and place structures, I can open and close doors. I cannot however harvest, access boxes/furnaces/campfires or attack animals. I haven’t tried killing players in this state as I would hate to commit even an accidental violation.

I have no issues with any other games. My internet connection is top notch and my gaming PC is relatively up to date. I apologize if this issue has been posted about and I swear I checked the forums before starting this thread. Does anyone know what is wrong?