EXHIBIT 23.1

                        CONSENT OF INDEPENDENT AUDITORS


We consent to the reference to our firm under the caption "Experts" in 
Post-Effective Amendment No. 1 to the Registration Statement (Form S-3 No. 
33-62212) and related Prospectus and Prospectus Supplement of Capstead Mortgage 
Corporation for the registration of a universal shelf and to the incorporation 
by reference therein of our report dated January 23, 1995, with respect to the 
consolidated financial statements of Capstead Mortgage Corporation incorporated 
by reference in its Annual Report (Form 10-K) for the year ended December 31, 
1994 and the related financial statement schedules included therein, filed with 
the Securities and Exchange Commission.


                                                        Ernst & Young LLP

Dallas, Texas
December 5, 1995