Multimodal Continual Instruction Tuning (MCIT) is essential for adapting Multimodal Large Language Models (MLLMs) to dynamic data streams, yet preventing catastrophic forgetting remains a major challenge. Existing parameter-efficient approaches often face a dilemma: fixed architectures suffer from knowledge interference, while dynamic strategies incur inefficient capacity expansion, limiting scalability. We propose MoBLoRA (Mixture-of-Bases LoRA), a novel framework for MCIT. Motivated by our geometric analysis revealing subspace redundancy across sequential tasks, MoBLoRA shifts the paradigm from expert selection to subspace mixing: it decomposes adaptation weights into a globally shared pool of orthonormal bases to capture task-invariant knowledge, and lightweight mixing matrices to encode task-specific variations. This design effectively decouples knowledge accumulation from task reconstruction. Experiments on standard benchmarks show MoBLoRA significantly outperforms state-of-the-art methods while maintaining superior parameter efficiency.