Form: 10-K

Annual report pursuant to Section 13 and 15(d)

April 6, 2001

CONSENT OF DELOITTE & TOUCHE LLP

Published on April 6, 2001




Exhibit 23.1



INDEPENDENT AUDITORS' CONSENT




We consent to the incorporation by reference in the Registration Statements
Nos. 333-22859, 333-10783, 333-10587 and 333-35769 of Dynex Capital, Inc. on
Form S-3 and Registration Statement No. 333-32663 of Dynex Capital, Inc. on Form
S-8 of our report dated March 30, 2001, appearing in this Annual Report on Form
10-K of Dynex Capital, Inc. for the year ended December 31, 2000.


DELOITTE & TOUCHE LLP

Richmond, Virginia
April 4, 2001