I bought a 95 Mystique with horrible noise coming from the belt area (this netted a lot of $ off the price). When I got it home it acted like the engine had locked up. This made diagnosis much easier. As it turns out my AC compressor's clutch had destroyed itself.
Drop you serpentine belt off and see if all pulleys and accesories spin freely and smoothly. You can even run the engine briefly with the belt off.
Even if your timing belt does break, your engine is a non-interference engine. No valve or piston damage will result. Good luck.
