A magnetic memory device may include a tunnel barrier, a reference layer on a first side of the tunnel barrier, and a free layer on a second side of the tunnel barrier so that the tunnel barrier is between the reference and free layers. The free layer may include a first magnetic layer adjacent the tunnel barrier, a nonmagnetic layer on the first magnetic layer, and a second magnetic layer on the nonmagnetic layer. More particularly, the nonmagnetic layer may be between the first and second magnetic layers, and the first magnetic layer may be between the tunnel barrier and the second magnetic layer. A product of a saturated magnetization of the first magnetic layer and a thickness of the first magnetic layer may be less than a product of a saturated magnetization of the second magnetic layer and a thickness of the second magnetic layer. Related methods are also discussed.