A magneto-resistive (MR) device and process for making the MR device are disclosed. The MR device has a pinned layer, a spacer layer proximate to the pinned layer, and a free layer proximate to the spacer layer. The free layer comprises a first magnetic layer proximate to the spacer layer, the first magnetic layer having a positive magnetostriction, a laminate magnetic insertion layer proximate to the first magnetic layer, and a second magnetic layer proximate to the magnetic insertion layer, the second magnetic layer having a negative magnetostriction. The laminate magnetic insertion layer has a first magnetic sublayer and a first non-magnetic sublayer proximate to the first magnetic sublayer. With the disclosed laminate magnetic insertion layer, the free layer has a low overall magnetostriction and results in a MR device with a high MR ratio.