A spin transfer torque (STT) device is formed on an electrically conductive substrate and includes a ferromagnetic free layer near the substrate, a ferromagnetic polarizing layer and a nonmagnetic spacer layer between the free layer and the polarizing layer. A multilayer structure is located between the substrate and the free layer. The multilayer structure includes a metal or metal alloy seed layer for the free layer and an intermediate oxide layer below and in contact with the seed layer. The intermediate oxide layer reflects spin current from the free layer and thus reduces undesirable damping of the oscillation of the free layer's magnetization by the seed layer.