Time Freezes while playing

While playing, regardless of what I am doing, could be building, mining, or just walking around, randomly everything just freezes except me. I still have steady 60 FPS, but it's like I'm on a very laggy server while in singleplayer. Mobs freeze, I can't place blocks, can't interact with chests, furnaces, crafting tables, etc. The freeze can last anywhere from a few seconds, up to 5 minutes. When trying to close out the world in this state, the game takes a while to save and close out the world. It is very strange and happens several times an hour of play making it hard to do anything.