EXHIBIT 23.1
Published on July 18, 1997
Consent of Independent Auditors
Board of Directors
Dynex Capital, Inc.
We consent to the use of our report incorporated in the registration statement
on Form S-3 (Registration No. 333-10783) and to the reference to our firm under
the heading "Experts" in the prospectus.
KPMG PEAT MARWICK LLP
Richmond, Virginia
July 14, 1997