Exhibit 24.1

                       CONSENT OF INDEPENDENT AUDITORS


We consent to the reference to our firm under the caption "Experts" in the 
Registration Statement (to be filed on or about February 25, 1994) and related
Prospectus of Capstead Mortgage Corporation for the registration of 1,000,000
shares of its common stock and to the incorporation by reference therein of 
our reports dated January 26, 1993, 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, 1992 and the related
financial statement schedules included therein, filed with the Securities and 
Exchange Commission.

                                                      Ernst & Young

Dallas, Texas
February 25, 1994