A perpendicular magnetic tunnel junction is disclosed wherein a metal insertion (MIS) layer is formed within a free layer (FL), a partially oxidized Hk enhancing layer is on the FL, and a nitride capping layer having a buffer layer/nitride layer (NL) is on the Hk enhancing layer to provide an improved coercivity (Hc)/switching current (Jc) ratio for spintronic applications. Magnetoresistive ratio is maintained above 100%, resistance×area (RA) product is below 5 ohm/μm2, and thermal stability to 400° C. is realized. The FL comprises two or more sub-layers, and the MIS layer may be formed within at least one sub-layer or between sub-layers. The buffer layer is used to prevent oxygen diffusion to the NL, and nitrogen diffusion from the NL to the FL. FL thickness is from 11 Angstroms to 25 Angstroms while MIS layer thickness is preferably from 0.5 Angstroms to 4 Angstroms.