-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001225385-08-000072.txt : 20080825
<SEC-HEADER>0001225385-08-000072.hdr.sgml : 20080825
<ACCEPTANCE-DATETIME>20080825191322
ACCESSION NUMBER:		0001225385-08-000072
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080815
FILED AS OF DATE:		20080825
DATE AS OF CHANGE:		20080825

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WHEAT JAMES C III
		CENTRAL INDEX KEY:			0000941046
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09819
		FILM NUMBER:		081037654

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		8047823288

	MAIL ADDRESS:	
		STREET 1:		901 EAST BYRD STREET 13TH FLOOR
		STREET 2:		RIVERFRONT PLAZA
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23219

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYNEX CAPITAL INC
		CENTRAL INDEX KEY:			0000826675
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				521549373
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			0709

	BUSINESS ADDRESS:	
		STREET 1:		4551 COX RD
		STREET 2:		STE 300
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060
		BUSINESS PHONE:		8042175815

	MAIL ADDRESS:	
		STREET 1:		4551 COX RD
		STREET 2:		STE 300
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RESOURCE MORTGAGE CAPITAL INC/VA
		DATE OF NAME CHANGE:	19930722

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RESOURCE MORTGAGE INVESTMENT CORP
		DATE OF NAME CHANGE:	19930505

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RAC MORTGAGE INVESTMENT CORP /VA/
		DATE OF NAME CHANGE:	19930505
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2008-08-15</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000826675</issuerCik>
        <issuerName>DYNEX CAPITAL INC</issuerName>
        <issuerTradingSymbol>DX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000941046</rptOwnerCik>
            <rptOwnerName>WHEAT JAMES C III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O DYNEX CAPITAL, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>4551 COX ROAD, SUITE 300</rptOwnerStreet2>
            <rptOwnerCity>GLEN ALLEN</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>23060</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes></footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Susan S. Ancarrow, Attorney-in Fact for James C. Wheat III</signatureName>
        <signatureDate>2008-08-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>poawheat.txt
<DESCRIPTION>POWER OF ATTORNEY, JAMES C. WHEAT III
<TEXT>
SECTION 16
POWER OF ATTORNEY


	I, James C. Wheat III, do hereby constitute and appoint
 Shannon V. Patterson, Susan S. Ancarrow, and Stephen J. Benedetti,
 my true and lawful attorneys-in-fact, any of whom acting singly is
 hereby authorized, for me and in my name and on my behalf as a
 director, officer and/or shareholder of Dynex Capital, Inc., to (i)
 prepare, execute in my name and on my behalf, and submit to the U.S.
 Securities and Exchange Commission (the "SEC") a Form ID,
 including any necessary amendments thereto, and any other
 documents necessary or appropriate to obtain codes and passwords
 enabling me to make electronic filings with the SEC of reports
 required by Section 16(a) of the Securities Exchange Act of 1934 or
 any rule or regulation of the SEC in respect thereof; and (ii) prepare,
 execute and file any and all forms, instruments or documents,
 including any necessary amendments thereto, as such attorneys or
 attorney deems necessary or advisable to enable me to comply with
 Section 16 of the Securities Exchange Act of 1934 or any rule or
 regulation of the SEC in respect thereof  (collectively, "Section 16").


	I do hereby ratify and confirm all acts my said attorney shall
 do or cause to be done by virtue hereof.  I acknowledge that the
 foregoing attorneys-in-fact, serving in such capacity at my request, are
 not assuming, nor is Dynex Capital, Inc. assuming, any of my
 responsibilities to comply with Section 16.


	This power of attorney shall remain in full force and effect
 until it is revoked by the undersigned in a signed writing delivered to
 each such attorney-in-fact or the undersigned is no longer required to
 comply with Section 16, whichever occurs first.


	WITNESS the execution hereof this 25th day of August,
 2008.




		/s/ James C. Wheat III

	                                           James C. Wheat III








</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
