The differences are apparent in the US as well. The bank is making offers to a broad population without knowing their life plans. The borrower has a better idea of their individual life plans. I was buying my “lifetime home” 15 years ago and so took a fixed rate. When I first refinanced, I still had the same plans. When I second refinanced, I still had the same plans.

Even among fixed rate products, there’s an option to buy down the fixed rate. Those usually have a point in the future where all choices are about the same, shorter favoring not paying points and long favoring buying discount points (this crossover point varies over time by current and expected rates, but is in the 4-8 year range typically).