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                                                                    EXHIBIT 23.1



                        CONSENT OF INDEPENDENT AUDITORS


   
We consent to the reference to our firm under the caption "Experts" in
Amendment No. 1 to Registration Statement No. 333-43169 (Form S-3) to be filed
on or about May 21, 1998 and the 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 21, 1998, 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, 1997, and the related financial statement schedule
included therein, filed with the Securities and Exchange Commission.
    



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


Dallas, Texas
May 21, 1998