Brakes went out for a second. What gives?

[PacNorWester]

Have a 2001 Camry. Driving to work today I hit the brakes at a yellow light....and the brake pedal went to the floor and I cruised through the intersection. Pumping the brakes restored it to "normal". Am now at work. Anyone know why it would do this?

After parking I smell something hot /burning when I crouch down on the drivers side.

Also my emergency brake light has been on for a week after I jacked up the car every which way to access a part. Maybe that's the smell from a slight rubbing? Does not feel like it's actually engaged and the few times I've driven with it on...that smell is very strong.

Master Cylinder is full. Nothing is leaking on the ground other than a bit of water at this moment. Pretty sure it always does that.

Any ideas to trouble shoot / diagnose this? I'm not mechanically inclined but can YouTube stuff.

Thanks everyone!

[Brian R.]

Adjust your emergency brake cable even if you don't notice it rubbing. It may be the source of the smell. Flush your brake system with fresh brake fluid toremove all the old fluid in the system. Make sure the system is bled afterward. Don't let the master cylinder drain dry.

Not for nothing, while you're driving in traffic, gently test your brakes for function once in a while. Don't be surprised at an intersection. If this dead pedal occurs again, have it towed to a mechanic and get if fixed.