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                                                                      EXHIBIT 23


                          CONSENT OF ERNST & YOUNG LLP
                              INDEPENDENT AUDITORS
 
 
We consent to the incorporation by reference in this Annual Report (Form 10-K)
of Capstead Mortgage Corporation of our report dated February 4, 1999, included
in the 1998 Annual Report to Stockholders of Capstead Mortgage Corporation. We
also consent to the incorporation by reference in the following registration
statements and the related prospectuses, our report dated February 4, 1999, with
respect to the consolidated financial statements incorporated herein by
reference, in the Form 10-K of Capstead Mortgage Corporation:
 
     o    Form S-8 (No. 33-40116);
     o    Form S-8 (No. 33-40117);
     o    Form S-3 (No. 33-62212);
     o    Form S-3 (No. 33-52415);
     o    Form S-8 (No. 33-53555);
     o    Form S-3 (No. 33-57164);
     o    Form S-3 (No. 333-03187);
     o    Form S-8 (No. 333-12719);
     o    Form S-3 (No. 333-26419);
     o    Form S-3 (No. 333-26865);
     o    A pre-effective amendment to Form S-3 (No. 333-26419);
     o    Form S-8 (No. 333-27215);
     o    A post-effective amendment to Form S-3 (No. 333-26865); and
     o    Form S-3 (No. 333-43169).



                                                           /s/ ERNST & YOUNG LLP


Dallas, Texas
March 29, 1999