Smash, but keep the height of the lowercase letter and of the symbol you're typesetting.
\newcommand{\lowoverline}[1]{%
\overline{\smash{#1}\vphantom{x}}\vphantom{#1}%
}
Full example.
\documentclass{article}
\usepackage{amsmath}
\newcommand{\lowoverline}[1]{%
\overline{\smash{#1}\vphantom{x}}\vphantom{#1}%
}
\begin{document}
\begin{equation}
\lowoverline{a}+\lowoverline{b}
\end{equation}
\end{document}

You can similarly define \lowbar, which I deem preferable.
\documentclass{article}
\usepackage{amsmath}
\newcommand{\lowoverline}[1]{%
\overline{\smash{#1}\vphantom{x}}\vphantom{#1}%
}
\newcommand{\lowbar}[1]{%
\bar{\smash{#1}\vphantom{x}}\vphantom{#1}%
}
\begin{document}
\begin{equation}
\lowoverline{a}+\lowoverline{b}
\quad
\lowbar{a}+\lowbar{b}
\end{equation}
\end{document}

minimalclass for examples, it's not meant for such applications. – egreg Oct 14 '21 at 12:41