Tunneling magnetoresistive (TMR) device with magnesium oxide tunneling barrier layer and free layer having insertion layer

A tunneling magnetoresistance (TMR) device has a thin MgO tunneling barrier layer and a free ferromagnetic multilayer. The free ferromagnetic multilayer includes a CoFeB first ferromagnetic layer, a face-centered-cubic (fcc) NiFe compensation layer with negative magnetostriction, and a body-centered-cubic (bcc) NiFe insertion layer between the CoFeB layer and the fcc NiFe compensation layer. An optional ferromagnetic nanolayer may be located between the MgO barrier layer and the CoFeB layer. An optional amorphous separation layer may be located between the CoFeB layer and the bcc NiFe insertion layer. The bcc NiFe insertion layer (and the optional amorphous separation layer if it is used) prevents the fcc NiFe layer from adversely affecting the crystalline formation of the MgO and CoFeB layers during annealing. The bcc NiFe insertion layer also increases the TMR and lowers the Gilbert damping constant of the free ferromagnetic multilayer.