Exhibit 23.1

                        CONSENT OF INDEPENDENT AUDITORS

    
We consent to the reference to our firm under the caption "Experts" in
Amendment No. 1 to the Registration Statement Form S-3 No. 33-52415 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 24, 1994, 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, 1993 and the related financial statement schedules included
therein, filed with the Securities and Exchange Commission.      

                                                      Ernst & Young

Dallas, Texas
    
April 12, 1994