Understanding the Hull-White Model

An investor is studying the term structure of interest rates and their dynamics under various interest rate models. One of the prevalent models is the Hull-White model, which allows for time-dependent volatility and mean reversion in interest rates. Given this context, the investor wants to evaluate how changes in the model parameters affect the predicted interest rates over time.

Consider the following three statements regarding the Hull-White model:

1. The Hull-White model assumes that interest rates follow a single stochastic process with a constant drift and volatility.

2. Interest rates predicted by the Hull-White model can be effectively calibrated to fit the current term structure of interest rates.

3. The presence of a mean-reverting feature in the Hull-White model indicates that interest rates are expected to revert back to a long-term average over time.

Which of the above statements is/are correct?