PalacioHill

PV= 0 initially but it will fluctuate till expiration because of the following factors.
- changing forward curve
- changing futures price
- periodic swap (e.g., immediately after you have done your first of a series of say 8 interest rate swap, the PV of the contract MAY change if PV what you have just given < PV what you have just received).

Remember that PV(swap)=0 since the PV(what to be given from one side) = PV(what to be given from the other side)

PV(what to be given from each side) will change if the discount rates change (forward curve), value of what to be given (futures price).