Form: EFFECT

Notice of Effectiveness

April 17, 2008

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Notice of Effectiveness

Effectiveness Date: April 17, 2008 5:00 P.M.
Form: S-3
CIK: 0000826675
Company Name: DYNEX CAPITAL INC
File Number: 333-149475