A process which strongly amplifies both quadrature amplitudes of an oscillatory signal necessarily adds noise. Alternatively, if the information in one quadrature is lost in phase-sensitive amplification, it is possible to completely reconstruct the other quadrature. Here we demonstrate such a nearly perfect phase-sensitive measurement using a cavity optomechanical scheme, characterized by an extremely small noise less than 0.2 quanta. The device also strongly squeezes microwave radiation by 8 dB below vacuum. A source of bright squeezed microwaves opens up applications in manipulations of quantum systems, and noiseless amplification can be used even at modest cryogenic temperatures.