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The motor bearing on each end of the blower may requie lubrication. Normally the ends of the motor never requires lubrication but sometimes they become weak and lose contact with the housing. Once you lube it you will need to continue to lube the bearings forever.
Can you get to the motor? I have no idea what car this is, but Vovle got the bright idea a while back to use plastic brush holders which melted and seized a otherwise prefectly good motor.
Assuming this isn't that, it might be a good bet to get in there and check the shaft and the lube the bushings/bearings which ever they may be.
Misting things into the general area isn't going to do much except stink like what ever you choose.
I had a squeally blower motor once. Some white grease did the trick.
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