Probably a personal preference, but I like to have values already set or calculated before the return is called. This example from Django, as part of a typical views module:

def some_view(request):
 """Some description."""
 # ... some processing
 context = dict(
 admin.site.each_context(request),
 query='hard_coded',
 query_fields=some_fn('param'))
 return render(
 request=request,
 template_name='query/query.html',
 context=context)

The context can contain many variables, and I think its easier for readability and debugging purposes to create/set all of its values before the return is called; it is an extra variable but I find the trade-off is worth it.