It may not effect the mortgage rates - mortgage rates don't allows follow the fed rate.

do the distribution and contribution just cancel each other out, in effect making the transaction unreportable? 

I believe that something much worse is to come as a ripple effect to the Coronavirus.

What effect will the 0% Fed Rate have on loans both residential and commercial?

And all this happening while other sectors are not seeing the same effect because they weren't bailed out by the government at the same time. 

If you own rentals in Las Vegas/Henderson Nevada, it looks like the area is going to really feel the financial effects of this.It looks like Caesars Palace and the Sahara are laying off workers, and the Wynn is shutting down 100% for 2 weeks.A lot of other busineses are going to have issue too.Here is a list: https://www.reviewjournal.com/business/conventions/whats-canceled-or-closed-due-to-coronavirus-updated-for-shows-schools-business-sports-1972937/Link to front page: https://www.reviewjournal.com/

I think you will find that our current circumstances has created a very opportunistic time to obtain a better return on your investment by purchasing single family rentals.Overall effect of Coronavirus:Vacation & short term rentals have seen a decrease in demand as fewer people are traveling.Interest rates have hit all time record lows allowing for the best financing terms to lock in 30yr fixed rates that we have Never seen before! 

I have 3 closings in the next 3 weeks and wasn't sure how all this will effect them.

In my market I haven't seen it effect rents.

We survived the 2000 dot-com bubble--even though that one didn't effect our real estate the way the other crises have.That said, we have a bit of insight into what will happen here.