Switching item to hand in first person renders the hand too early

The player moves their hand up too early after swapping an item with it in first person view.

Steps to Reproduce:
1. Hold any item.
2. Move your selected hotbar slot to an empty slot.

Expected Results:
The player's hand moves up after the item moves down.

Observed Results:
The player's hand renders too early, moves down, clipping with the item, then moves back up.