Look at your lawnmower's engine. Tighten all the bolts on the engine and turn on the lawnmower. Sometimes your mower will be loud because loose parts are rattling against the deck.
Look at your muffler. If it is rusty, replacing it will likely quiet down your mower.
Use your wrench to loosen the bolts around the muffler and then remove them. Look over the muffler for rust or cracks once you've removed it. If it looks damaged, dispose of the muffler. A new muffler costs less than $20 and you can purchase reduced noise models.
Take off the muffler gasket from the engine block by peeling it off and replacing it with a new one.
Place the new muffler over the gasket and using the wrench, tighten the bolts so it's held into place. Turn on the lawnmower and see if the noise has been reduced.