How does the price of a callable bond move when interest rates increase?

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How does the price of a callable bond move when interest rates increase?

Suppose other factors remaining unchanged.

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关键词：Increase interest callable inter Rates increase interest factors price 最好

as interest rates increase, the callable bond becomes more and more like a non-callable bond.

利率降低，赎回可能性增大，债券价格上限趋于平缓；利率上升，赎回条款价值越低，因此如ls

所以，利率上升，issuer的行权可能性下降，investor有利，price上升？
      利率下降，issuer的行权可能性上升，investor不利，price下降？
是这样理解么？

利率上升，再融资成本就上升，callable bonds 被赎回的概率就越来越小

as the interest rates increase, a callable bond becomes LESS likely to be called, which implies its price movement starts to converge with a non-callable bond.
简而言之，二楼的回答就够了。