Our fan was getting noise and did sound like excessive compression noise.  Ours had bushings and it is really not lubable, besides it is a pain to get to.  Suddenly the compression noise change to a squeal, a very loud squeal, a banshee loud squeal, at 2:00am in the Black Hills with an outdoor temp of 19 degrees.  We're from So Cal and had no backup heater.  Now we have a new motor and it no longer wakes me up.  A motor with bearings instead of bushings and a very clean squirrel cage fan.  So yes a motor with dry or bad bushings can make some funny noises.