We have observed low-frequency noise due to quasiequilibrium thermal magnet
ization fluctuations in micron-scale magnetic tunnel junctions (MTJs). This
strongly field-dependent magnetic noise occurs within the magnetic hystere
sis loops, either as 1/f or Lorentzian (random telegraph) noise. We attribu
te it to the thermally excited hopping of magnetic domain walls between pin
ning sites. Our results show that magnetic stability is a crucial factor in
reducing the low-frequency noise in small MTJs.