Exhibit 32.1


                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                               SECTION 906 OF THE
                           SARBANES-OXLEY ACT OF 2002

         In  connection  with the  Annual  Report of Dynex  Capital,  Inc.  (the
"Company") on Form 10-K for the year ended  December 31, 2004, as filed with the
Securities and Exchange Commission on the date hereof (the "Report"), I, Stephen
J. Benedetti, the Principal Executive Officer and the Chief Financial Officer of
the Company, certify, pursuant to and for purposes of 18 U.S.C. Section 1350, as
adopted  pursuant to Section 906 of the  Sarbanes-Oxley  Act of 2002, that to my
knowledge:

        (1)  The Report fully complies with the requirements of Section
             13(a) or 15(d) of the Securities Exchange Act of 1934; and

        (2)  The information  contained in the Report fairly  presents,  in
             all material respects,  the financial condition and results of
             operations of the Company.



Date:  April 14, 2005                   /s/ Stephen J. Benedetti
                                        ________________________________________
                                        Stephen J. Benedetti
                                        Principal Executive Officer and
                                        Chief Financial Officer