Exhibit 23.1



                        CONSENT OF INDEPENDENT AUDITORS
                        -------------------------------

We consent to the reference to our firm under the caption "Experts" in the 
Registration Statement (Form S-3) to be filed on or about May 2, 1997 and 
related Prospectus of Capstead Mortgage Corporation for the registration of its 
Stockholder Investment Program and to the incorporation by reference therein of 
our report dated January 22, 1997, with respect to the consolidated financial 
statements and schedule of Capstead Mortgage Corporation included and/or 
incorporated by reference in its Annual Report (Form 10-K) for the year ended 
December 31, 1996, filed with the Securities and Exchange Commission.



                                                Ernst & Young LLP



Dallas, Texas
May 1, 1997