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 December 22, 1997 and 
related Prospectus of Capstead Mortgage Corporation for the registration of 
5,200,000 shares of common stock and to the incorporation by reference therein 
of our reports 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.




                                        /s/ ERNST & YOUNG LLP
                                        --------------------------------
                                        Ernst & Young LLP



Dallas, Texas
December 19, 1997