We have studied bias and magnetic field dependence of voltage noise in metallic magnetic tunnel junctions with areal dimensions on the order of 1 mu m. We generally observe noise with Gaussian amplitude distribution and pure 1/f power spectra at low frequencies. The 1/f noise scales with bias voltage as V-2. Two kinds of deviations from this low frequency behavior have been observed. One is at fixed magnetic field when the junction bias reaches above a critical value, the other occurs at a fixed bias when the external magnetic field brings the sample to certain magnetic configurations. In both cases the noise spectra become dominated by Lorentzian noise and in both cases we have observed two level fluctuators in the time domain. We attribute the bias dependent noise to charge traps in the tunnel barrier. The field dependent noise is associated with the switching of the magnetization direction of portions of the top electrode, which we believe to be reversible. (C) 1999 American Institute of Physics. [S0021-8979(99)49308-9].