When I replaced the rear pads on my 4x4 which had become very noisy and were well worn, I felt that most of the noise was probably coming from the stainless steel clips with channels in which the pads moved. These channels were coated with brake dust that needed a good clean with a wire brush to remove. I then applied a thin coat of copper grease in the channels as well as on the back of the pads. Rear brakes are quieter now than when the car was new.
In addition, I feel that the pads were binding as fuel consumption has improved since I did this job. I think I probably let the pads wear down more than I really should have.