I had my 91 Camry's 4 cyl engine rebuilt in october. It has worked fine until very recently; at low RPM the belts will start to squeak- especially when I turn on the A/C. If I turn the A/C off the squeaking stops. Also, it tends to squeak more in 1st gear than higher gears.

The squeaking will stop if the engine is revved after a moment or two.

Is this just a squeaky belt or is something maybe out of adjustment?

 

My belts squeak too, but only when its cold so i ignore it. Since i plan to replace the timing belt in 10,000 mi and i will change them then. Heres the sequence i use when i have sqeaky belt.

1. Check belt for tension, and condition. if the belt is worn out replace it.
2. If belt is just loose, tighten it. BTW If you have to do this more than once, the belt is bad or something else is wrong. And by "something else" i mean, like one time i had to get my alternator replaced by Pep Boys and the idiots put on a new alternator with a different pulley size. So the belt could never tighten. Oh yeah, they stripped out the threaded hole too. Morons. [:@]
3. If belt is at proper tension and in good shape, a small spritz of silicone spray on the belt. There's a risk the belt could slip, esp if you put too much on. But the silicone evaporates after it lubricates the rubber just a little bit.
I used to use belt grip spray on belts. But now, to me its just for emergencies because this spray attacks the rubber. And if you use it you will have to change the belt soon anyway, that is if it doesnt snap first!