callable bond

[Jovial Guan]

Jam said when interest rates are high, a call is not likely so the callable bond's price is close to the price of non-callable bond.
But I think the interest rates have trends to decrease because it's high currently, when decreasing the issuer would like to call the bond and issue the another bond with lower interest.So the callable option is more important at high rates than at low rates. And the callable bond's price is lower than the non-callable ones.