EXHIBIT 23.1
 
                        CONSENT OF INDEPENDENT AUDITORS
   
  We consent to the reference to our firm under the caption "Experts" in
Amendment No. 3 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 and schedules of Capstead Mortgage Corporation included in its
Annual Report (Form 10-K) as amended by amendment No. 1 to the Annual Report
(Form 10-K/A) for the year ended December 31, 1993, filed with the Securities
and Exchange Commission.     
 
                                          Ernst & Young
 
Dallas, Texas
   
May 13, 1994