timstiles

Driving home tonight the car got progressively slower, no problems like this before. When I really started noticing a drag I stopped at a light and smelt burnt brakes. Looked at the back and saw smoke out both rear wheel wells. While waiting for the tow truck I tried turning the car off and on, engaging and releasing the parking brake, no luck. I decided to try one last time after about 30 mins and the car ran and drove normally for a couple miles and then the same thing, slower and slower until basically you have to nail the gas to budge the car. I parked it and got a ride home. I plan on getting it home tomorrow , pull the rear wheels and take a look. If it's mechanical I can probably fix it. Just need help identifying the issue. Appreciate any guesses or similar experiences.

Tim

2001 E55