Yep its your cat, I have an 02 mine was doing the same thing but my car was under warranty at the time at the dealership. Do what 4drgt say and take it to a exhaust shop.
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Exterior- stock painted black wheels, clear corners, stainless steel grill, cross and drilled front and rear rotors with evolution brake pads.
Coming soon- 18 inch black mustang bullet rims, GT/GTP rear bumper, tinted windows.