Like most things you can do this in multiple ways. What you did last time was compiling from source.
There is no need not to do this again, except you don't need to clone the whole repository again.
So just type
cd ~/bin/bitcoin
git fetch
git checkout v0.16.0
./autogen.sh
./configure CPPFLAGS="-I/usr/local/BerkeleyDB.4.8/include -O2" LDFLAGS="-L/usr/local/BerkeleyDB.4.8/lib" --enable-upnp-default --with-gui=qt4
make -j2
sudo make install
Thank you. This also helped me update my node