Latency lag is based on the distant from your house to your telephone exchange point to the data center. for example if you live with in 300 meters of the telephone exchange your connection has a shorter distance to travel giving a less of a delay on your connection and the same goes for if you live up to 1-2miles from your exchange - more distance, more MS.
Also depends on your provider, i.e throttling down your connection as peak time etc.
If your using wireless router for your connection that can slow down/more MS on your connection - Wired/ethernet would be ideal.
graphics lag ( i dont think this is your issue) is low frames per second and delay when pressing buttons to when they actually happen,
If this becomes more of an issue, either call your ISP/update your wireless/wired drivers and make sure no one in your house is downloading/stream stuff at the same time.
Hope this helped.