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Ernštedt (1953: 55-57) argues that it derived from Egyptianmdwt(“word, speech, affair”). If so, a cognate to Copticⲙⲉⲧ-(met-), and related to Copticⲙⲟⲩⲧⲉ(moute).
The scholia on the Odyssey 21.71 says that μῦθος(mûthos) is Aeolic for μόθος(móthos), but compare μυθιήτης(muthiḗtēs). It is used there in the significance of "resolve, purpose".
Beekes, Robert S. P. (2010) Etymological Dictionary of Greek (Leiden Indo-European Etymological Dictionary Series; 10), volume II, with the assistance of Lucien van Beek, Leiden, Boston: Brill, →ISBN, page 976