We develop a secret key generation scheme using phase estimation in ultra-wideband (UWB) wireless fading channels. Based on the reciprocity theorem, two terminals extract the phase of the channel as a common random source to generate secret bits. Moreover, we study the secret key rate by a pair of nodes observing correlated sources and communicating to achieve secret key agreement over public communication channels. As our main results, we establish a more practical upper bound from Cramer-Rao bound (CRB) and compare it with a universally theoretical upper bound on the shared maximum key rate from mutual information of correlated random sources. Derivation and numerical examples are presented to demonstrate the bound. Simulation studies are also provided to validate feasibility and efficiency of the proposed scheme.