Whining noise and burnt rubber smell coming from engine

There is a whining sound coming from my engine and it started to smell like burnt rubber inside the vehicle. I pulled over and checked my power steering fluid and it is full. When I turn the wheel in the car the sound gets louder. It also seems to be loudest when I am going slower. From gears first to third and quiets after I get to fourth gear, until I slow down and down shift. When I opened the hood to check my fluid, the burnt rubber smell was worse, and was smoking a little bit. No warning lights are on the dash in the vehicle.