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We examine the magnetic phase diagram of iron pnictides using a five-band model. For the intermediate values of the interaction expected to hold in the iron pnictides, we find a metallic low moment state characterized by antiparallel orbital magnetic moments. The anisotropy of the interorbital hopping amplitudes is the key to understanding this low moment state. This state accounts for the small magnetization measured in undoped iron pnictides and leads to the strong exchange anisotropy found in neutron experiments. Orbital ordering is concomitant with magnetism and produces the large zx orbital weight seen at Γ in photoemission experiments.
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