Rather than the hook floating at water's level, it sometimes floats above the water, and sometimes below.

Steps to Reproduce:
1. Acquire fishing rod
2. Cast hook DOWNWARDS into water, to have it float above,

NOTE: The hook floats in the proper place when you cast it outwards, but if you point it too far down, it floats above the surface.

I have attached a picture, to clarify what I am talking about.