On one of my servers, the yum update reports is showing a log of the times being measured to the various mirrors.
I suspect that this is the fastmirror yum plugin.
However I find the measured times very strange. For example the list below is what it shows (after a bit of cleanup and sorting).
sme-mirror.firewall-services.com is at the top of the list with times or around 1ms while this server is halfway around the world from me (I am in Australia). Ping roundtrip is measured at 370ms.
--- sme-mirror.firewall-services.com ping statistics ---
1 packets transmitted, 1 received, 0% packet loss, time 0ms
rtt min/avg/max/mdev = 371.730/371.730/371.730/0.000 ms, pipe 2
Similarly my own ISP (internode) is only listed 16th down the list with 0.59s. while it has a 20ms round trip.
--- mirror.internode.on.net ping statistics ---
1 packets transmitted, 1 received, 0% packet loss, time 0ms
rtt min/avg/max/mdev = 20.189/20.189/20.189/0.000 ms, pipe 2
If this fastest mirror plugin is supposed to select your
closest mirror, I don't think it is doing that.

sme-mirror.firewall-services.com 0.001040 secs
ftp.swin.edu.au 0.001651 secs
distro.ibiblio.org 0.003583 secs
mirror.aarnet.edu.au 0.003873 secs
mirror.xcb567.ath.cx 0.003905 secs
sme-mirror.voxteneo.com 0.004842 secs
mirror.optus.net 0.049088 secs
mirror.primusdatacentre.com.au 0.058208 secs
mirror.pacific.net.au 0.216761 secs
ftp.surfnet.nl 0.302533 secs
mirror.intrapower.net.au 0.349576 secs
ftp.nluug.nl 0.406110 secs
mirror.3fl.net.au 0.497821 secs
ftp.monash.edu.au 0.504716 secs
smeserver.hkisl.net 0.566560 secs
mirror.internode.on.net 0.593322 secs
centos.mirror.aussiehq.net.au 0.650555 secs
smemirror.fullnet.co.uk 0.701216 secs
hosting.platiniumtv.ro 1.108417 secs
www.percheron.info 1.224783 secs
mirror.nus.edu.sg 1.652514 secs