Wells Fargo became the latest big bank to render the analysts estimates somewhat suspect. It reported second-quarter earnings per share of 53 cents vs. the consensus estimate of 34 cents. Wells Fargo's $22.5 billion in revenue also exceeded estimates. The strong performance was driven in part by--a minor surprise--mortgage-banking business.

According to the AP, Wells Fargo originated $129 billion of mortgages in the quarter. That's the second highest level since 2003. So it looks like a re-fi boomlet may indeed be in the works for some banks. The bank says it has $90 billion in mortgage applications in the pipeline. Beyond that it's unclear if the momentum is sustainable. At the same time, no one would be surprised if the bank were forced to hike its reserves against real-estate loans it inherited from Wachovia and higher credit card losses.  

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