A squeaky wheel

I have a rear wheel in my 96 coupe that squeaks like crazy but wheel i apply the brake it stops sqeeking what could that be a berring or does it need to be lubed its driving me crazy please i need some advice on what to do
 
i think i will try checking out the brakes on that side and replace and repair what i need to do. I must say thankyou i really appreciate ur help and thnk god for this forum site. Gotta love mustangs this is my second mustang
 
My brakes squeaks only on the rear driver side with and without applying the brakes...I have even replaced the pads that still had a lot of life left on them and they will stop squeaking for about 30min of in-town driving then start again...any ideas of what to do next?