If by “page last viewed by the user” you mean the last page the member viewed in a previous log in session then the answer is no.
By default, if a member follows the “Login” link from a post then after he logs in he will be redirected to that post. This will work if you have the “Enable After login Redirection” option unchecked from the settings menu otherwise it will go to the “After Login Page” URL that is specified in the settings menu.