A magnetic element includes a first free layer, a barrier layer over the first free layer, and a second free layer over the barrier layer. The first free layer includes a first ferromagnetic bilayer and a first amorphous insertion layer (e.g., CoHf) between the first ferromagnetic bilayer. The first ferromagnetic bilayer is selected from CoB, CoFeB, FeB, and combinations thereof. The second free layer includes a second ferromagnetic bilayer and a second amorphous insertion layer (e.g., CoHf) between the second ferromagnetic bilayer. The second ferromagnetic bilayer is selected from CoB, CoFeB, FeB, and combinations thereof. Each of the first and the second amorphous insertion layer independently can be ferromagnetic or non-ferromagnetic and can have a recrystallization temperature of about 300° C. and above. The magnetic element can further include a non-ferromagnetic amorphous buffer layer and/or a non-ferromagnetic amorphous capping layer. The magnetic element can further include a ferromagnetic amorphous seed layer.