Yes. Set $K = \mathrm{Frac} \ R$.

**Lemma:** Let $\ldots \to C_2 \to C_1 \to C_0$ be a complex of $R$-modules. Suppose that $C^{\bullet} \otimes_R K$ is exact (but not necessarily surjective at $C_0$). Then $H_k(C_{\bullet})$ is $R$-torsion for $k>0$.

**Proof:** Let $v \in C_k$ with $dv=0$. So $d(v \otimes 1)=0$. By the exactness of $C^{\bullet} \otimes_R K$, there is $u \in C_{k+1} \otimes_R K$ with $du=v$. Write $u=\sum w_i \otimes (f_i/g_i)$, with $f_i/g_i \in K$ and $w_i \in C_{k+1}$. Set $g=\prod g_i$ and $w=\sum \left( \prod_{j \neq i} g_j \right) f_i w_i$. Then $dw=gv$, so $[v]$ is $g$-torsion in $H_k(C_{\bullet})$. QED

Take resolutions $A_{\bullet} \to M$ and $B_{\bullet} \to N$ by free $R$-modules. Then $\mathrm{Tor}_{\bullet}(M,N)$ is the homology of the complex formed by collappsing the double complex $A_{\bullet} \otimes_R B_{\bullet}$. Note that $\left( A_{\bullet} \otimes_R B_{\bullet} \right) \otimes_R K \cong (A_{\bullet} \otimes_R K) \otimes_K (B_{\bullet} \otimes_R K)$.

Since $A^{\bullet}$ is exact, so is $A^{\bullet} \otimes_R K$. Thus $A_{\bullet} \otimes_R K$ breaks up as a direct sum of complexes of the form $\ldots \ldots 0 \to K \to K \to 0 \ldots$, and the complex $\ldots \to 0 \to K$, with the $K$ in the last position. (This uses the Axiom of Choice; I suspect you should be able to avoid it, but I don't see how right now.) The complex $B \otimes_R K$ breaks up into pieces of the same kind. So the double complex breaks up into squares $\begin{smallmatrix} K & \to & K \\ \downarrow & & \downarrow \\ K & \to & K \end{smallmatrix}$, vertical strips $\begin{smallmatrix} K \\ \downarrow \\ K \end{smallmatrix}$, horizontal strips $\begin{smallmatrix} K & \to & K \end{smallmatrix}$ and, in position $(0,0)$, some isolated copies of $K$.

Only summands of the last type contribute to the cohomology of the double complex, so the double complex obeys the hypotheses of the lemma and we are done.