my '96 GT with 48,000 miles did the same thing. A lot of squeeking when turning also. the Ford service dept. told me it was my outer tie rod ends and said they could replace them and give me an alignment for about $160.
I bought one tie rod end for the passenger side(where I heard all the squeeking) and replaced it myself in about 15 minutes. And the part only cost $20. No alignment needed as long as you don't move the adjustment.
Good luck
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FOR SALE: 1996 Mustang GT
48,500 miles, loaded, $13,500