A continued refi boom could spell good things to come for some major banks, according to analysts at FBR Capital Markets & Co., who said Monday morning that strong mortgage banking results are buoying the banking sector.

"We encourage investors to capitalize on what we expect will continue to be strong mortgage banking results," analysts led by Paul Miller at FBR wrote in their report.

The analysts noted that both origination volumes and gain-on-sale margins remained steady and provided a tailwind to headline earnings during the third quarter, a trend they expect to continue. They recommend investors look closely at banks boasting large mortgage banking platforms, including Wells Fargo & Company (WFC).

With housing starts showing signs of life, as well, banks also appear set to benefit from this trend.

"Though homebuilders stand to benefit the most, investors have started turning to banks as an alternative way to place a bet on the broader recovery in housing," FBR's analysts posit.