It's all according to currency valuation and economic fluctuations. Igh i just did what i hate to see people do, spoke in snobbish talk lol.

Banks are for profit organizations and they usually do things in step with how their domestic government's economy is doing. If the economy does horribly and housing slides, then banks may lower interest rates so that refinancing or taking out a mortgage will be more appealing to cash strapped consumers.

So if you take into account that different occurrences (like the one i mentioned) happen in different economic markets all over the globe, interest rates fluctuate. The changes in interest rates globally are just magnified by the differences in currency values. A 1% interest rate in Great Britain would be less costly than a 1% interest rate in Japan.

I hope this helps. I'm bad at explaining things like this.

Thanks for the advice! That was extremely helpfull even though i wasn't the original poster.