tracert doesn't really measure latency. It measures the time between a (UDP) TTL probe and an ICMP response. This can be close to the real latency but due to additional delays also larger by an unknown factor. ICMP generation has a low processing priority and can be delayed or even dropped depending on current load, previous messages, configuration, ...
Apparently, hop 2 takes its time sending the ICMP response - this increases the response time by at least 50 ms.
Hop 7 doesn't respond at all, the timeout is displayed as
*. Hop 5 doesn't respond to all probes or one of them (or a response) got lost.
Real latency (which you only get a hint at with
tracert) mostly increases when a link is congested and packets need to get queued. Also, elaborate encoding on a link or just the propagation speed on long links add significant delay.
Traceroute works by receiving ICMP timeout messages. A router's primary job is to route packets, and the generation of ICMP messages is down the list of things it will do. What you are seeing is that some routers in the path are too busy routing (the primary job of a router), and they will get around to sending the ICMP messages when they get time.