The left-back will remain at the Globe Arena for the rest of the season and will experience a second spell under Jim Bentley's tutelage after a stint in 2012.
Mustoe has also been on loan at fellow League Two clubs Bury and Wycombe this season.
"We all know what Jordan is about," Bentley told Morecambe's official website.
"He has been here before and had a good spell. He knows all about us and how we play and he will be a very useful addition to the squad."