No. Within the ts_rank function, there is no native method to rank results using their global (corpus) frequency. The rank algorithm does however rank based on frequency within the document:
http://www.postgresql.org/docs/9.3/static/textsearch-controls.html
So if I search for "dog|chihuahua" the following two documents would have the same rank despite the relatively lower frequency of the word "chihuahua":
"I want a dog"
"I want a chihuahua"
However, the following line would get ranked higher than the previous two lines above, because it contains the stemmed token "dog" twice in the document:
"dog lovers have an average of 1.5 dogs"
In short: higher term frequency within the document results in a higher rank, but a lower term frequency in the corpus has no impact.
One caveat: the text search does ignore stop-words, so you will not match on ultra high frequency words like "the","a","of","for" etc (assuming you have correctly set your language)