Road noise from '98 Mustang

My Mustang has developed 2 distinct noises in the rear tires (they started at about the same time - they may be related for all I know).
On the rear driver's side, if I hit the slightest bump I can hear a
loud clanking sound. Like a metal rod beating up and down. First thing I thought was it was shocks, so I replaced both rear shocks. Made no difference.
The second noise comes from the rear passenger's side tire. It doesn't always do this, but about half the time when driving it, somewhere between 15mph and 55mph it will make a loud "squeaking" noise. It's at it's worst when starting out of from a complete stop, but will pretty much do it all in that speed range. Sometimes it will quit at slower speeds, but I've never had the noise persist past 60mph.
Any advice (other than just "take it to a mechanic". I like to learn about stuff) is appreciated.
Mike
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Check the sway bar links in rear, they are either broken or rubbers are missing

Check if the brakes are dragging and check the caliper pins, they get stuck afetr time especially in colder climates where they use road salt

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Possible muffler gromet.
Gerald
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