I think that Skeletonlord's suggestion is a sound starting point. In the event that restarting your router doesn't take care of the issue, though, I have a question: Do you have other devices utilizing your WiFi network in the immediate vicinity of your device? If so, you may have a frequency hopping issue. If I have my phone, my tablet, and a laptop on my WiFi network -- but in different parts of my house -- no problem; on the other hand, if I put them all within, say, five feet of each other, I see latency spikes like you're describing. If applicable, try moving away from any other devices utilizing your WiFi network and see if that takes care of your issue.
Edit: I forgot... One more possibility comes to mind. You may want to check and see what channel your neighbors' WiFi networks are using (relative to your own). If you have a nearby neighbor on the same channel, your SINR may be taking a hit (which would degrade your signal quality).
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