If you buy a callable bond and the interest rates decline will the value of your bond rise by as much as it would have risen if the bond hand not been callable?

No, if you buy a callable bond and interest rates decline, the value of your bond will not rise as much as it would have if the bond were not callable. This is because the issuer may choose to call the bond to refinance at a lower interest rate, limiting the potential price appreciation for the bondholder. Consequently, the callable bond's value is capped compared to a non-callable bond in a declining interest rate environment.